Welspun Corp hits 52-week high after the company posts Rs 385 crore profit for Q2

Diwali Muhurat Trading Session 2023: Shares of Welspun Corp. hit a 52-week high of Rs 534.45 apiece on the BSE during the Diwali Muhurat trading session on November 12, 2023. The company, earlier this week, posted a consolidated net profit of Rs 385 crore for the July-September quarter on the back of higher revenue and a debt reduction.

The company had clocked a Rs 52 crore loss during the July–September period of the 2022–23 fiscal, WCL said in a statement. Its revenue from operations surged to Rs 4,059.45 crore from Rs 1,963 crore in the year-ago quarter.

BK Goenka, the Chairman of Welspun Group, said, "Our performance has further strengthened in the quarter gone by despite various challenges in the global macro-economic scenario. The Q2 and H1 FY24 performances have raised the bar for the rest of FY24." Strong operational performance helped in a sharp reduction in our debt level, thereby strengthening the balance sheet further, he said.

While the performance of the Pipe Solutions vertical has been steady, backed by strong execution capabilities, the performance of the building material segment has been improving gradually, Goenka said. The consolidated net debt came down to Rs 315 crore as of September 30, from Rs 1,138 crore as of March 31, 2023. READ MORE

The stock finally ended at Rs 528.70 on the BSE, up 8.44 per cent. 

With inputs from PTI