Welspun Living shares rise 107% in seven months; is there more upside left?

livemint.com:

₹63.65 per share to the current trading price of ₹131.75, marking an impressive gain of 107%. In the most recent trading session (Wednesday), the shares jumped 13.41% to reach a 21-month high of ₹145 per share, in response to the company's strong Q2FY24 earnings. Between October 2021 and March 2023, the stock witnessed a significant decline, falling from ₹169.30 to ₹63.65, resulting in a 62% loss.

However, it started showing positive momentum in April with a 38% gain and continued to maintain this positive trend in the following six months. In the quarter ending in September (Q2FY24), the company reported the highest-ever quarterly revenue of ₹2,542 crore, marking a 19% year-on-year (YoY) increase. Its textile business revenue jumped 16.9% YoY to ₹2,352 crore, while the flooring business revenue also saw a robust increase of 52% YoY to ₹242 crore.

Furthermore, in the same period, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a growth of 158% YoY, reaching ₹391 crore. The profit after tax (PAT) for Q2 FY24 increased to ₹196 crore, marking more than a 22-fold growth compared Q2FY23 net profit of ₹8.33 crore. Welspun Living Ltd.

(WLL), part of the Welspun Group, is a global leader in home textiles. With a distribution network in more than 50 countries, Welspun is a strategic partner with top global retailer. Earlier in August, domestic brokerage firm Ventura Securities initiated coverage on Welspun Living with a 'buy' rating, setting a target price of ₹218 apiece.