The Hindu Business Line : Welspun India Q4 net slips 3.88%

Mumbai June 1 Welspun India Ltd has posted a 3.88 per cent decline in profit after tax at Rs 10.3 crore (Rs 10.7 crore) for the fourth quarter ended March 31, 2007.

Sales grew 14.16 per cent to Rs 234.1 crore (Rs 205.1 crore) for the same period.

For the full fiscal, profit after tax increased 25.40 per cent to Rs 52.1 crore (Rs 41.5 crore), while sales registered a growth of 49.08 per cent to stand at Rs 973.6 crore as against Rs 653.0 crore for the previous financial year.

Mexican facility

In order to avail itself of the North American Free Trade Agreement benefits and to save on freight cost, the company is setting up a decorative bedding facility in Mexico to produce 1.04 million bed-sets per annum, which is likely to be commissioned by the third quarter of FY 2008. The total cost of the expansion has been revised from Rs 65 crore to Rs 90.4 crore. These projects are fully funded and do not entail any fresh equity raising or debt financing, said the company in a release. On Friday, shares of the company fell 3.85 per cent to close at Rs 67.50 on the BSE.