Welspun India Ltd., India’s leading home textile giant and the flagship company of US $ 2.3 billion Welspun Group, reported a 95.86 per cent decline in its consolidated net profit to Rs. 8.33 crore for Q2 of FY ’23 compared to the consolidated net profit of Rs. 201.50 crore in the same period of last fiscal.
The company said in a regulatory filing that the profit was impacted mainly due to high input costs.
Welspun India’s revenue from operations also slipped 15 per cent to Rs. 2,113.46 crore during the quarter under review as the same was Rs. 2,487.63 crore in the year-ago period.
Its revenue from home textiles was Rs. 2,011.41 crore and from flooring segment, it was Rs. 159.59 crore.
The company has a distribution network in more than 50 countries and state-of-the-art manufacturing units in India.
BK Goenka, Chairman, Welspun Group said: “In view of the macro environment that continues to be challenging, the company’s operating and financial performance demonstrates the trust it enjoys among its global customers. This is evident in the growth registered by the company’s brands portfolio and the domestic retail business in particular which delivered a robust 60 per cent growth in H1 of FY ’23 on the back of an expanding retail footprint that stands at over 10,000 outlets across more than 500 towns and power brands like ‘Welspun’ and ‘SPACES’.”
