Welspun net profit rises due to sales growth
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.
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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