Business

Welspun India Q1 Net Profit Down 90.4% At Rs 21.36 Cr

Home textiles major Welspun India Ltd on July 27 reported a decline of 90.41% in its consolidated net profit to Rs 21.36 crore for the June 2022 quarter, mainly on account of high input costs. The company had posted a consolidated net profit of Rs 222.90 crore in the April-June quarter a year ago, Welspun India said in a regulatory filing. Its revenue from operations slipped 11.61% to Rs 1,957.25 crore during the quarter under review. It was Rs 2,214.49 crore in the year-ago period. Welspun India’s total expenses rose 1.52% to Rs 1,942.68 crore in Q1 FY 2022-23 from Rs 1,913.43 crore. Its revenue from home textiles was Rs 1,852.05 crore and Rs 169.38 crore from the flooring segment. Welspun Group Chairman BK Goenka said, "We have delivered a relatively healthy operating performance in the face of an unusually tough macroeconomic environment characterised by unprecedented high input costs, rising inflation and subdued consumer sentiments".