Multibagger stock engaged in the business of manufacturing and supplying steel and plastic products in green following the release of its Q3FY24 results with a 1,164 percent jump in net profit.
With a market capitalization of Rs. 15,526 Crores, the shares of Welspun Corporation Limited were trading at Rs. 597, up 0.22 percent from its previous day’s close price of Rs. 595.70. It has delivered multibagger returns of 194 percent in a year.
Its revenue from operations grew by 97.71 percent YoY from Rs. 2402.32 Crores in Q3FY23 to Rs. 4749.71 Crores in Q3FY24 and it grew 17 percent QoQ from Rs. 4059.45 Crores in Q2FY24 to Rs. 4749.71 Crores in Q3FY24.
Its Net Profit grew by 1,164.86 percent YoY from Rs. 23.22 Crores in Q3FY23 to Rs. 293.7 Crores in Q3FY24 and it declined 24.02 percent QoQ from Rs. 386.57 Crores in Q2FY24 to Rs. 293.7 Crores in Q3FY24.
Mr. B. K. Goenka, Chairman, of Welspun Group, said we have finalized our foray into the plastic pipes segment, which provides us a huge opportunity to leverage Sintex brand value. Looking at the strong growth opportunity we have finalized our investment in DI Pipes in the Middle East region.
Welspun Corporation Limited is among the Largest Welded Line Pipe manufacturing companies in the world, engaged in the business of manufacturing and coating high-grade submerged arc welded pipe, hot rolled steel plates, coils, plastic products, and many more.
Welspun Corporation Limited is among the top 3 line pipe manufacturers globally, with 5 manufacturing facilities in 3 countries. These pipes are used for offshore and onshore transmission of oil, gas, and water.
Written by: Bharath K.S
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