Shares of Welspun Corp. fell over 6% on Friday after its operating profit declined in the fourth quarter of the fiscal 2024.
The steel producer's earnings before interest, tax, depreciation and amortisation, or Ebitda, fell 21.5% year-on-year to Rs 330 crore during the quarter ended March 2024, according to an exchange filing. Ebitda margin was at 7.4% versus the 10.3% reported during the same period last year.
The company's board also recommended a dividend of Rs 5 per share.
Welspun Corp. Q4 Results: Highlights (Consolidated, YoY)
Revenue up 9.6% at Rs 4,461 crore.
Ebitda down 21.5% at Rs 330 crore.
Margin at 7.4% versus 10.3%.
Net profit up 19.7% at Rs 287 crore.
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Shares of the company fell as much as 7.41% during the day to Rs 557 apiece on the NSE. It was trading 6.56% lower at Rs 562.10 apiece, compared to a 0.25% advance in the benchmark Nifty 50 as of 10:10 a.m.
The stock has risen 21.64% in the last 12 months. The total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 40.685.
Five out of the six analysts tracking Welspun Corp. have 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 upside of 18.8%.
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