Welspun India Q3 up 21% at Rs 174 crore

Textile manufacturer Welspun India today reported 21.25 per cent increase in consolidated profit to Rs 174.08 crore for the third quarter ended December 31.
The company had posted a net profit of Rs 143.57 crore in October-December period a year-ago, Welspun India said in a BSE filing.
Net sales of the company on a consolidated basis during the period under review were up 12.19 per cent at Rs 1,343.15 crore as against Rs 1,197.13 crore of the corresponding period of the last fiscal.
Meanwhile, in a separate filing Welspun India informed BSE that its board in a meeting held today has approved the split of company's share having a face value of Rs 10 into 1:10.

"The board of directors of the company at its meeting held on February 02, 2016, has approved the sub-division of equity shares of the Company having a face value of Rs. 10 per share into ten equity shares having a face value of Re. 1 each," it said.
However, it would be subject to approval of shareholders and applicable statutory and regulatory approvals, it added.
"Further, the Board has also approved a notice of resolutions to be passed by way of postal ballot for approval of sub-division of equity shares of the Company from Rs 10 per share to Re 1 per share and incidental change of Memorandum of Association of the company," Welspun India added.

Shares of the company were trading at Rs 865.65 on BSE at 13:41 hrs, up 2.39 per cent from the previous close.