Welspun Q1 net down to Rs 128.56 cr

Textile firm Welspun India has reported a 38.39 per cent decline in consolidated net profit at Rs 128.56 crore for the June quarter due to lower income and higher expenses. The company had posted a net profit of Rs 208.68 crore for the same period of the previous fiscal, Welspun India said. Total income during the quarter under review stood at Rs 1,552.64 crore as against Rs 1,611.49 crore in the year ago period, down 3.65 per cent.

?The industry continues to face headwinds such as high raw material and energy costs coupled with rupee appreciation which may lead to time correction of 1-2 years in our vision announced last year,? Welspun Group Chairman BK Goenka said.

Total expenses of the company during the quarter was Rs 1,369.13 crore compared to Rs 1,317.48 crore in the corresponding period last fiscal, up 3.92 per cent. On the outlook, Goenka said: ?We see good potential in the domestic market, especially with the introduction of GST. We are also gaining momentum in new channels such as hospitality and e-commerce.?