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Welspun India Q1 consolidated net profit rises over four-fold to Rs 222.9 cr aided by sales growth

12:01 AM Jul 29, 2021 | PTI

Home textiles major Welspun India Ltd on Wednesday reported over four-fold jump in consolidated net profit at Rs 222.9 crore in the first quarter ended June 30 on the back of strong sales.

The company had posted a consolidated net profit of Rs 53.75 crore in the same period last financial year, Welspun India said in a regulatory filing.

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Consolidated total revenue from operations stood at Rs 2,214.49 crore in the first quarter. It was at Rs 1,201.8 crore in the year-ago period.

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Commenting on the performance, Welspun Group Chairman BK Goenka said, "The strong growth momentum which started in H2 of last FY continued in the current fiscal year also." The growth has been "broad-based, market-leading volume growth supported by our agile business model", he added.

During the quarter, the company said the home textile segment clocked revenue of Rs 2,128.3 crore as against Rs 1,184.6 crore in the year-ago period, up 79.7 per cent.

The flooring segment had a revenue of Rs 121.4 crore as against Rs 25.4 crore in the corresponding period last fiscal.

On the outlook, Goenka said, "The prevailing global logistic challenges being a possible impediment, Welspun India is well placed to capture the growth opportunity on the back of strong customer relationships, superior distribution network, thriving global e-commerce channel and brands, and digitalisation."

The company said the change in homebody economy consumer behaviour with a focus on hygiene and wellness products, revival in the hospitality sector due to increased spending on travel and holidays in Euro and the US region, and strong global retailers' financial performance would continue to drive the demand for home textile in the financial year 2021-22.

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