Welspun India revenue down 4%, profit declines 38%

By

Maverick Martins

Published
Aug 8, 2017

Textile firm Welspun India revenue took a hit in the first quarter of the financial year as its total income dropped by 3.65 percent to Rs 1,552.64 crore from Rs 1,611.49 crore in the year ago period. 

The consolidated net profit plummeted 38.39 per cent at Rs 128.56 crore for the June quarter due to lower income and higher expenses.
 
The company had posted a net profit of Rs 208.68 crore for the same period of the previous fiscal, Welspun India said in a statement.

Total expenses of the company during the quarter was Rs 1,369.13 crore compared to Rs 1,317.48 crore in the corresponding period last fiscal, up 3.92 per cent.
 
"The industry continues to face headwinds such as high raw material and energy costs coupled with rupee appreciation which may lead to time correction of 1-2 years in our vision announced last year," Welspun Group Chairman B K Goenka said.
 
"We see tremendous potential in the domestic market, especially with the introduction of GST. We are also gaining momentum in new channels such as hospitality and e-commerce,” he added.
 
Welspun India is part of USD 2.3 billion Welspun Group and the country’s leading player in the textile industry.