
Home textile company Welspun India has reported that the company has seen a decline in consolidated net profit to Rs 43.83 crore in the third quarter, which is a decline of 66.55 per cent. The decline in profit is said to be the result of the impact of lower sales numbers.
In the same quarter last fiscal, the company had reported a consolidated net profit of Rs. 131.06 crore, said the company in a regulatory filing. It also added that the Consolidated total income during the quarter under review was around Rs. 1904.05 crore, against Rs. 2437.92 crore reported a year ago.
“The global environment remained challenging during Q3 of FY ’23 due to inflation and slowdown across our key markets,” Welspun Group Chairman B K Goenka said.
He further added that despite the challenges, the company’s domestic consumer business continued to have a leadership position with their brand footprint located over 10,600 outlets and growing in excess of 39 per cent year-on-year which enabled them to post the highest ever quarterly revenues during the quarter.
The company’s home textiles segment reported a revenue of Rs. 1757.50 crore as opposed to Rs. 2250.77 crore in the previous year quarter. The filing further added that the company’s flooring business registered revenue of Rs. 168.42 crore against Rs. 190.92 crore for the same period last fiscal.