Shares of Welspun Corp are locked in 20% upper circuit at Rs 65.15 on the BSE after reporting an over ten-fold jump in consolidated net profit at Rs 144 crore for the fourth quarter ended March 2015 (Q4) on back of higher operational income. The company had profit of Rs 12.62 crore in the corresponding quarter of previous fiscal. Total income from operations during the quarter under review increased by 55% to Rs 2,375 crore against Rs 1,534 crore in previous year quarter, Welspun Corp said in a statement. EBITDA or operating profit margin improved to 17.4% from 12.7%, driven by better margins in the US. The company has an order book position of Rs 7,200 crore as on date, it added. The quality of the order book has also shown visible improvement.
US demand continues to be strong and is expected to drive performance in the near term, said Mr. B K Goenka, chairman of Welspun Group. The trading volumes on the counter surged nearly eight-times with around 280,000 shares changed hands on the BSE compared with 37,000 shares that were traded daily in past two weeks. At 1348 hours, there were pending buy orders for 217,425 shares on the BSE.