Welspun India Q3 net profit rises 50 percent to Rs 75 crore
Textiles major Welspun India reported a 50 percent increase in consolidated net profit at Rs 75 crore ($10.6 million) in the third quarter ended on December 31, 2019, as compared to Rs 50 crore it had posted in the same period last fiscal.
The company’s revenue from operations grew to Rs 1,665 crore, as against Rs 1,640 crore in the year-ago quarter.
Home textiles segment contributed Rs 1,644 crore to the company’s overall revenue as against Rs 1,637 crore it had added in the corresponding quarter last year. The company attributed its rise in profit and revenue to its association with Bollywood actor, Amitabh Bachchan.
Commenting on the third-quarter performance, Welspun Group chairman, BK Goenka, in a statement said: "Our association with Amitabh Bachchan has not only had a positive impact on our flooring business but has also catapulted the 'Welspun' brand to the top 2 position in the home textile value segment."
“The company continues to build on differentiation strategy based on branding, innovation, and sustainability,” he added.
Welspun aims to reach revenue of $1.5 billion by 2023 and has been rapidly expanding its product portfolio to achieve this target.
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