Welspun India Q3 profit slumps 68 percent to Rs 42 crore
Textiles manufacturer Welspun India reported a 68 percent slump in its third-quarter net profit to Rs 42 crore ($5.20 million), as against Rs 132 crore reported in the year-ago period.
The company’s revenue for the quarter was down by 22 percent to Rs 1,904 crore, as against Rs 2,437 crore reported in the corresponding period of the previous fiscal year.
Welspun attributed the drop in profit and revenue to rising inflation which resulted in low spending by consumers on non-essential items.
Commenting on the Q3 results, B K Goenka, chairman of Welspun Group in a statement said, “The global environment remained challenging during Q3 FY23 due to inflation and slowdown across our key markets. Despite the challenges, our domestic consumer business continued to consolidate its leadership position clocking its highest ever quarterly revenue.”
“The connect and trust our company enjoys with its consumers is also evident in the growth of our global branded business, which crossed $100 million this quarter. We have further added to our portfolio through a licensing agreement with Disney for the whole of EU & UK markets, which would open up different avenues with newer customers in that zone.”
Welspun India is part of Welspun Group, which operates in sectors including textiles, warehousing, infrastructure, among others.
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