Welspun Share Price Soars by Over 9% to Rs. 405.50
Urban infrastructure company Welspun Enterprises saw its share price rise by more than 9% on Wednesday, reaching Rs. 405.50. The company has emerged as the lowest bidder for the construction of an access-controlled multi-modal corridor from Navghar to Balavali in Maharashtra. The project, with a cost of Rs. 1864.71 crore, will be constructed on an EPC basis within 36 months. This project is under the Maharashtra State Road Development Corporation.
New Water Treatment Plant Project Worth Rs. 4,124 Crore
Recently, Welspun Enterprises secured a new order worth approximately Rs. 4,124 crore to set up a water treatment plant in Maharashtra. The order involves setting up a plant in the Bhandup area of Mumbai on a build, design, and operate model, with construction to be completed within 48 months and maintenance to be carried out for 15 years.
Financial Results for the Quarter
In the March quarter, Welspun Enterprises reported a net profit of Rs. 77.35 crore, marking a 50% decrease from the same quarter last financial year. The company’s revenue decreased by 2.8% to Rs. 821.11 crore during the quarter. The EBITDA for the quarter increased by 17% to Rs. 111 crore. The total revenue for the quarter ending March 31, 2024 was Rs. 866.70 crore.
Dividend Announcement
The board of directors has recommended a final dividend of Rs. 3 per equity share at a rate of 30% for the financial year 2023-24. Shareholders holding Welspun Enterprises equity shares on July 8, 2024, will receive the dividend payout.
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