Welspun India Q4 net surges 48%, announces Rs 200 crore share buyback

Welspun India on Friday reported a 48.3 per cent jump in consolidated net profit to Rs 134.34 crore in the fourth quarter ended March 2021, helped by higher income.

The company had posted a net profit of Rs 90.59 crore in the year-ago period.

The total income during the quarter under review stood at Rs 2,173.56 crore as against Rs 1,664.46 crore in the corresponding quarter a year ago, Welspun India said in a regulatory filing.

The company, in a separate filing, said its board has approved buyback of equity shares by the company at a price of Rs 120 per equity share for an aggregate amount of Rs 200 crore, representing 6.36 per cent of the total paid-up equity share capital and free reserves from the shareholders of the company on a proportionate basis.

Earlier in the day, Welspun India said it will work with US retail giant Target Corporation again, almost five years after Target terminated the contract with the Gujarat-based textiles maker over alleged lapses in labelling and marketing of Egyptian cotton products.

Welspun India said until FY16, Target Corporation accounted for almost 10 per cent of its overall business.

In 2016, Target Corporation had terminated its contract over alleged lapses in the supply of its product.

Shares of Welspun India settled 11.02 per cent higher at Rs 101.25 apiece on BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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