Welspun Enterprises doubles its net profit in the first quarter, reaches a 52-week high

After the company reported financial results for the June quarter, Welspun Enterprises surged 6% in the early session on August 2 to reach a 52-week high of Rs 269.70.

In comparison to the same time last year, the company's net profit nearly doubled to Rs 92.8 crore, while consolidated income increased by 5% to Rs 750 crore.

The diversified order book of the infrastructure company, which stood at about Rs 9,600 crore, offered a solid revenue growth visibility. This comprises roughly Rs 1800 crore allocated for asset replacement and operations & maintenance. The order book was divided between the road segment, which made up 37% of the total, and the water and wastewater management segment, which made up 63%.

As of June 30, 2023, net cash was Rs 1,057.7 crores.

Welspun Enterprises, a part of the Welspun Group, focuses on the road, water, and wastewater sectors. The company also invests in exploration for oil and gas.

In its investor presentation, the company stated that between FY17 and Q1FY24, it has returned more than Rs 700 crore through dividends and share buybacks.

Source: Media Reports