India’s leading home textiles company Welspun India reported a 61.85 per cent decline in consolidated net profit at Rs. 51.25 crore in the fourth quarter ended March. It had posted a consolidated net profit of Rs. 134.34 crore in the same quarter of previous fiscal.
Though for fiscal 2011-2022, the consolidated net profit was at Rs. 606.71 crore as against Rs. 550.79 crore in the previous fiscal.
In a regulatory filing, Welspun India said that consolidated total income during the quarter under review stood at Rs. 2,247.06 crore as compared to Rs. 2,173.56 crore in the year-ago period.
Total expenses in the fourth quarter stood at Rs. 2,138.37 crore as against Rs. 1,993.84 crore in the corresponding period of previous fiscal.
In FY22, total income stood at Rs. 9,377.31 crore as compared to Rs. 7,407.96 crore in FY21, the company said.
BK Goenka, Chairman, Welspun Group said, “The global economy is going through unprecedented times currently. Ukraine-Russia conflict, logistical challenges, unseen levels of increases in commodity prices and decades’ high inflation in western economies have all come on the back of an extended pandemic and resulted in dampened business sentiments across industries worldwide.”
He further added that against this backdrop, the home textile revenues continued the upward trajectory to cross the US $ 1 billion mark in FY22. “This demonstrates the ability of scaled-up, quality-led and highly differentiated players to maintain an edge even during challenging times. The recently announced free trade agreements with Australia and Middle East countries would bring in additional advantages for the Indian home textiles industry and players like Welspun,” he said.
“Historic highs in cotton and coal prices, global logistics disruptions and related impacts continue to put further pressure on the margin front,” he added.
