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Welspun net profit rises due to sales growth

Jul 31, 2021
Welspun net profit rises due to sales growth

India

Welspun India Ltd has reported a rise in the consolidated net profit in Q1 due to strong sales. The consolidated net profit in the quarter ended June 30 is Rs 2.22 billion.

According to the financials of the company, the consolidated total revenue from operations appeared at Rs 22.14 billion in Q1. According to BK Goenka, Chairman, Welspun Group, the growth momentum is running strong in the current fiscal year as well but it started in H2 of last FY. He also said that the market-leading volume growth is because of the agile business model of the company.

The home textile segment has booked revenue of Rs 21.28 billion in Q1 which is a 79.7% growth as compared to the same data last year. According to Goenka, Welspun has good customer relations, a great distribution network, digitalization, and a flourishing global e-commerce channel due to which it can capture the growth opportunity in the market.

The demand for home textile in the FY 2021-22 will continue to thrive because the behaviour of the consumer has changed as the focus is now on hygiene and wellness products, as well as the consumers want to spend on travel and holidays in Europe and the US region due to which there is a revival in the hospitality sector.

Source – Free Press Journal

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