Welspun India shares rose on April 27, after it approved an earlier proposal for buyback of shares. The company has approved purchase of 1.625 crore fully paid equity shares at a price of Rs 120 a piece for an aggregate amount of Rs 195 crore. This represents around 5.85 percent and 5.19 percent of the total paid-up equity share capital and free reserves, said the company.
“The public announcement setting out the process, timelines and other statutory details will be released in due course in accordance with the Buyback Regulation,” Welspun India said in an exchange filing.
The company notified that it has fixed May 10, 2023 as the record date for the purpose of ascertaining the eligibility of shareholders for the Buyback.
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The company also released its Q4FY23 results, where it reported a 140 percent YoY jump in consolidated net profit at Rs 125 crore against Rs 52 crore year ago. Consolidated revenue came in 2.3 percent lower on a yearly basis at Rs 2,196 crore against Rs 2,247 crore reported in Q4FY22. Standalone revenue stood at 1,904 crore in the December 2022 quarter. EBITDA stood at Rs 320 crore, rising 30 percent YoY with margin witnessing expansion of 361 bps.
The market capitalization of the company has increased around 39 percent in the last 1 month and 11 percent in the last 6 months.
On April 27, the scrip closed 0.81 percent higher on the NSE at Rs 86.75 per share. The benchmark Nifty closed 0.57 percent up at 17,915.05 points.
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