Welspun India Q2 net profit jumps 66 percent to Rs 203 crore
Oct 23, 2019
Textiles major Welspun India saw its net profit rise 66 percent to Rs 203 crore ($28.7 million) for the quarter ended September 30 as against Rs 122 crore it had reported in the year-ago period.
The company’s revenue for the quarter rose by 3 percent to Rs 1,823 crore as compared to Rs 1,780 crore in the year-ago period.
To strengthen its presence, Welspun has appointed 42 distributors and around 450 dealers so far pan-India. The brand had signed actor Amitabh Bachchan as its ambassador during the quarter and expecting strong sales across sectors in the coming months.
Commenting on the performance, B K Goenka chairman of the Welspun Group in a statement said, “Our emerging businesses are gaining traction. We have roped in Amitabh Bachchan as brand ambassador for our ‘Welspun’ brand, and our new campaign has received positive response. We will continue to pursue our differentiation strategy based on branding, innovation and sustainability.”
The company aims to reach revenue of $1.5 billion by 2023 and has been rapidly expanding its product portfolio to achieve this target. Welspun has earmarked an investment of around Rs 900 crore in the current fiscal on the expansion of its textile business in India.
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