Shares of Welspun Corp. surged over 8% to the highest level in over 15 years on Thursday after it returned to profit in the second quarter due to reduced costs from the changes in inventories of finished goods.
The company reported a consolidated net profit of Rs 386.6 crore in the September quarter, compared to a loss of Rs 63.2 crore in the year-ago period, according to an exchange filing on Wednesday.
The costs from the changes in inventories of finished goods and work in progress reduced from approximately Rs 322 crore in the June quarter to Rs 32.7 crore in the September quarter, it said.
Welspun Q2 FY24 Earnings Highlights (Consolidated, YoY)
Revenue at Rs 4,059.5 crore.
Ebitda at Rs 399.6 crore vs loss of Rs 131.2 crore.
Margin at 9.84%.
Net profit at Rs 386.6 crore vs loss of Rs 63.2 crore.
Shares of Welspun rose as much as 8.51% during the day to 495.85 apiece, the highest since Jan. 21, 2008. The shares were trading 7.81% higher at Rs 492.65 apiece compared to a 0.02% advance in the benchmark NSE Nifty 50 at 10.17 a.m.
It has risen 108.6% on a year-to-date basis. The total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 76, implying that the stock maybe overbought.
Eight out of the nine analysts tracking Welspun maintain a 'buy' rating on the stock and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 12.5%.
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