Welspun Enterprises stock soars 9% after Q4 results
Shares of Welspun Enterprises Limited surged over 9 percent to ₹ 406 on May 22, nearing 52-week high. boost followed company's announcement of being lowest bidder for major construction project in Maharashtra.
Welspun Enterprises Shares Surge
Welspun Enterprises emerged as lowest bidder for construction of access-controlled multi-modal corridor from Navghar to Balavali, Maharashtra. project is valued at ₹ 1,864.71 crore & is slated for completion within 36 months from notice of commencement.
Major Construction Project Bid Win
In its fiscal fourth quarter, Welspun Enterprises reported 45 percent year-on-year decline in net profit, dropping to ₹ 78 crore. total consolidated revenue for quarter decreased by 5 percent year-on-year, reaching ₹ 867 crore.
Fiscal Fourth Quarter Performance
The company's consolidated earnings before interest, tax, depreciation, & amortisation (EBITDA) dropped 6 percent year-on-year to ₹ 157 crore. EBITDA margin contracted by 5 basis points year-on-year, settling at 18.1 percent.
EBITDA & Margin Analysis
For financial year ending March 31, 2024, Welspun Enterprises experienced significant 56 percent year-on-year decline in net profit, falling to ₹ 319 crore. However, total income for FY24 increased by 6 percent year-on-year to ₹ 3,063 crore.
Annual Financial Performance
By 2:40 pm on May 22, shares of Welspun Enterprises were trading at ₹ 394, up 6.3 percent from previous close on NSE. company's shares have rallied nearly 164 percent in last year, marking significant uptrend.