Published
Nov 26, 2018
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Welspun banks on innovation for growth in India

Published
Nov 26, 2018

Textiles major Welspun India is banking heavily on innovation-based products for growth in the Indian market and expects it to contribute around 50 percent to its revenue by the fiscal year 2021-22.
 

Welspun banks on innovation for growth in India - Welspun


Welspun India reported a profit of Rs 122 crore ($16.6 million) for the second quarter ended September with a revenue of Rs 1,880 crore. During the first half, Welspun’s total income was Rs 3,376 crore.

Currently, innovation-based products contribute around 25-30 percent to Welspun India's total sales. The company is expecting a surge in revenue in the coming months as it feels that the relevance of its innovation-based products will help boost sales.

"We expect revenue from innovation-based products to grow significantly in the years to come. We see at least 50 percent of our revenue from innovation-based products. We see this happening by the year 2022. Our innovation-based products are relevant to the customers," Welspun India CEO and Joint Managing Director Dipali Goenka told PTI.
 
The company is also looking to expand its textile business in the country and has earmarked an investment of around Rs 900 crore in the current fiscal.
 
Welspun India is part of the USD 2.3 billion Welspun Group and the country’s leading player in the textile industry.

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