Welspun India Q3 profit plummets 39 percent to 47 crore

By

Maverick Martins

Published
Feb 5, 2019

Welspun India, part of the Welspun Group saw its profit after tax decline by 39 percent during the third quarter of this financial year to Rs 47 crore ($6.6 million).
 

The company had reported PAT of Rs 77 crore in the corresponding quarter in the last financial year.
 
Welspun’s revenue during the quarter grew by 17 percent to Rs 1,657 crore as compared to Rs 1,414 crore it had reported in the same period in the fiscal year 2018.

Commenting on the results, Welspun Group Chairman B K Goenka in a statement said, “We continue to maintain our focus on the domestic market and building a strong business to consumer (B2C) presence. Our new initiatives such as flooring solutions, advanced textiles, e-commerce, and hospitality are contributing towards sustainable growth. Branding, innovation and sustainability continue to be the cornerstones of our differentiation strategy.”
 
Welspun has plans to expand its textile business in the country and has earmarked an investment of around Rs 900 crore in the current fiscal.
 
The company is also investing heavily on innovation-based products for growth in the Indian market and expects it to contribute around 50 percent to its overall revenue by the fiscal year 2021-22.