Welspun India is right here among the top five gainers on the BSE since the opening bell today; from its close of Rs.64.45, it opened weaker at Rs.64.10 but from there rose to Rs.70.50 with 3x rise in volumes. Its closer to its 52-week low of Rs.62.30 than its 52-week high of Rs.145.30.
The company reported a 66.55% (YoY) decline in consolidated net profit at Rs 44 crore for Q3FY23, impacted by lower sales. Consolidated total income during the quarter under review stood at Rs 1,904 crore v/s Rs 2,438 crore.
The company said that its global environment remained challenging during Q3 FY23 due to inflation and slowdown across our key markets.
The market has shrugged of these earnings and decided to focus on its new development - it has signed a brand licensing agreement with The Walt Disney Company for the EMEA (Europe, Middle East, Africa) region, giving it rights to design, develop, manufacture and distribute a complete range of home textiles products, leveraging Disney’s vast franchises and characters across Disney, Pixar, Marvel and Lucas brands.