Home textiles major Welspun Living Ltd has reported a substantial increase in its consolidated net profit for the September quarter.
The company’s net profit soared to Rs 200.41 crore, a significant rise from Rs 8.33 crore in the same period last year. The revenue from operations also witnessed a notable growth of 18.71 per cent, reaching Rs 2,509.08 crore compared to Rs 2,113.46 crore in the previous year.
Welspun Living, formerly known as Welspun India, is a part of the Welspun Group with a total enterprise value of USD 3 billion. This achievement marks the highest-ever quarterly revenue for the company. Despite the challenging global economic conditions and subdued consumer sentiments, the company managed to sustain profitability consistently in the last few quarters.
The home textiles segment contributed Rs 2,352.3 crore to the total revenue, while the flooring business generated Rs 242.6 crore during the quarter.
Welspun Group Chairman BK Goenka expressed his satisfaction with the performance, highlighting the encouraging growth in the flooring business and the strength exhibited by their emerging businesses of global brands, domestic consumers, advanced textiles, and flooring.
The company demonstrated resilience in the domestic market despite weak retail sentiments. Their focus on continued expansion enabled them to maintain positive margins. Welspun Living’s total expenses during the quarter rose by 7.56 per cent to Rs 2,283.42 crore, while the total income increased by 19 per cent to Rs 2,542.37 crore.
In response to the positive news, shares of Welspun Living Ltd settled at Rs 142.30, registering an 11.48 per cent increase from the previous closing price.
