Textile firm Welspun India reported a 66 percent decline in consolidated net profit to Rs 54 crore ($7.3 million) for the quarter ended June, as against a net profit of Rs 156 crore it posted in the year-ago period.
The company’s income for the quarter under review was down 30 percent to Rs 1,216 crore, as against Rs 1,736 crore it reported in the corresponding period of the previous financial year.
Welspun aims to make e-commerce a priority and evolve its business to meet the demands of the ‘new normal’ and expects its factories to run at between 70 percent and 80 percent capacity this year.
Commenting on the Q1 results, Welspun Group chairman B K Goenka in a statement said, “In a quarter marked by challenging conditions and uncertainties, we have demonstrated resilience in our performance. We are well equipped for the ‘New Normal’ and have resumed operations in record time while prioritising the safety and well-being of our people. We continue to accelerate our journey towards digitalisation of all critical business functions and processes.”
Welspun India is part of the USD 2.3 billion Welspun Group and the country’s leading player in the textile industry.