The home textiles giant Welspun India Limited recently reported a 7 per cent fall in consolidated net profit to Rs. 188 crore (US $ 25.3 million) for the quarter ended September 2020.
On the other hand, the company registered a net profit of Rs. 203 crore during the corresponding quarter of the last financial year.
Revenue for the company during the quarter under review was up 8 per cent to Rs. 1,993 crore, while it stood at Rs. 1,837 crore in the same period of previous fiscal.
As far as Welspun’s overall expenses for the quarter are concerned, those were up 10 per cent at Rs. 1,739 crore, as against Rs. 1,582 crore posted last year.
“During the quarter, the company fully recovered from the impact of the COVID-19-induced lockdown and the plants worked at full capacity. Consumers are still reluctant to resume their normal ‘out of home’ activities and are spending more time at home which is driving the overall demand for home textile products,” said BK Goenka, Chairman, Welspun Group.
He went on to add, “The company has delivered strong profitability, led by global recovery and easing of lockdown restrictions. The company expects the licensed brand and e-commerce business to clock revenue of US $ 100 million each over the next 2-3 years.”
