Welspun India Q1 net profit jumps 17 percent to Rs 156 crore

By

Maverick Martins

Published
Jul 31, 2019

Textile firm Welspun India witnessed a 17 percent jump at Rs 156 crore ($22.7 million) in its net profit for the first quarter as against Rs 133 crore it had reported in the corresponding period of the last fiscal year.
 

The company’s revenue for the April-June period also rose by 10 percent to Rs 1,736 crore as against Rs 1,578 crore it had reported in the corresponding quarter a year ago.
 
During the quarter, Welspun India said that it received preliminary court approval for the settlement of its litigation in the US with regards to labelling and marketing of Egyptian cotton products.

Commenting on the Q1 results, B K Goenka, chairman of the Welspun Group in a statement said, “We continue to invest in our brands, especially the value brand for the domestic market – ‘Welspun’. Our other emerging business, advanced textiles, is also exhibiting strong growth. Branding, innovation and sustainability continue to be the pillars of our differentiation strategy.”
 
Welspun India launched its ‘Green Spunlace’ under advanced textiles as part of sustainability initiatives during the quarter.
 
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.