Welspun Enterprises shares tank nearly 7% after earnings announcement

Shares of Welspun Enterprises Ltd on Thursday declined nearly 7 percent after the company's consolidated net profit fell 54 percent during the quarter ended March 31.

The stock dipped 6.62 percent to Rs 110 on the BSE. At the NSE, it tanked 6.58 percent to Rs 110.

Welspun Enterprises Ltd on Wednesday said its consolidated net profit fell 54 per cent to Rs 40.94 crore during the quarter ended March 31.

The company had clocked a consolidated net profit of Rs 89.08 crore in the corresponding quarter a year ago, Welspun Enterprises said in a regulatory filing.

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Its consolidated total income during the January-March 2021 quarter rose to Rs 600.97 crore, compared to Rs 515.70 crore in the year-ago period.

Total expenses during the quarter also increased to Rs 535 crore, from Rs 434 crore a year ago.