The home textiles major Welspun India Limited recently posted a 66 per cent fall in consolidated net profit to Rs. 54 crore (US $ 7.3 million) for the quarter ended June 2020.
On the other hand, the company registered a net profit of Rs. 156 crore during the corresponding quarter of the last financial year.
The total income of Asia’s largest and the world’s second largest Terry Towel producer declined 30 per cent to Rs. 1,216 crore in the quarter under review, as compared to Rs. 1,736 crore the firm reported last year.
“In a quarter marked by challenging conditions and uncertainties, we have demonstrated resilience in our performance. We are well equipped for the new normal and have resumed operations in record time while prioritising the safety and well-being of our people,” maintained B K Goenka, Chairman, Welspun Group, further adding, “We continue to accelerate our journey towards digitalisation of all critical business functions and processes.”
Considering the need of the hour to adapt to the new normal, the textile company aims to make e-commerce a priority to cater to the end-users and expects its plants to run at at least 70 to 80 per cent capacity this year.
