Welspun-Gujarat Stahl Q1 net profit zooms 163.49% to Rs.69.3 Crores

Welspun-Gujarat Stahl Rohren Ltd has announced the unaudited financial results for the quarter ended June 30, 2007.

The Company has posted a profit after tax of Rs 693 million for the quarter ended June 30, 2007 as compared to Rs 263 million for the quarter ended June 30, 2006. Total Income (net of excise) has increased from Rs 5363 million for the quarter ended June 30, 2006 to Rs 8075 million for the quarter ended June 30, 2007.

The company has reported an Earnings Per Share (EPS) of Rs.4.74 for quarter ending June 30, 2007 compared to Rs.1.99 for quarter ending June 30, 2006.

During the quarter ended June 30, 2007, the Company has alloted 23,50,310 Equity Shares of Rs 5 each on conversion of Foreign Currency Convertible Bonds (FCCB) and 85,48,706 Equity Shares of Rs 5 each on conversion of Warrants issued to promoters.

The Company has set up a GDR program listed on Singapore Stock Exchange under which holders of FCCB issued in November, 2005 can opt for GDR on conversion of bonds in lieu of Equity Shares.

The stock closed the day at Rs.244.56, down by Rs.5.50 or 2.20%. The stock hit an intraday high of Rs.254 and low of Rs.232.20. The total traded quantity was 2823760 compared to 2 week average of 1218415.

Source : Equity Bulls

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