Welspun India falls on profit slump in Sept. qtr

Welspun Living

09/11/2022 08:53

** Shares of textiles company Welspun India  WLSP.NS  fall
as much as 7.9% to 73.80 rupees, their biggest intraday
percentage drop since June 13
    ** Co on Tuesday reports a drop of 95.6% to 86.7 million
Indian rupees ($1.07 million) in its Sept. qtr consolidated
profit, compared to 1.99 billion rupees a year earlier
    ** Revenue from operations drops 15% to 21.13 billion rupees
    ** Co's home textiles segment revenue declines by 15.3% to
20.1 billion rupees
    ** Stock hit their lowest since Oct. 4
    ** More than 1.4 mln shares change hands by 0839 GMT vs
30-day avg of 754,206 shares
    ** Two of the five analysts covering the stock have a
"strong buy" rating, two have "hold" and one rate it at "sell";
median PT is 89.50 rupees - Refinitiv data
    ** Stock down 45% YTD, as of last close
($1 = 81.2370 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))