Welspun India Q1FY24 results: Net profit jumps 661% YoY at Rs 162 cr

The consolidated net profit of Welspun India for the first quarter of the current financial year (Q1YFY24) saw a rise of 661.8 per cent to Rs 162.73 crore, compared to Rs 21.36 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was up 26.1 per cent. In Q4FY23, the net profit of the company was Rs 128.99 crore.

The revenue from operations for Q1FY24 came in at Rs 2,184.05 crore, compared to Rs 1,957.25 crore year-on-year (YoY). This is a rise of 11.58 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was up 1.39 per cent. It was Rs 2,153.90 crore in Q4FY23.

The total income for Q1FY24 came in at Rs 2,214.86 crore, compared to Rs 1,978.99 crore YoY. This is a rise of 11.91 per cent.

On a QoQ basis, the total income was up 0.88 per cent. It was Rs 2,195.47 crore in Q4FY23.

The company's consolidated earnings before interest tax, depreciation and amortisation (Ebitda) saw a rise of 96.7 per cent to Rs 341.5 crore in Q1FY24, as compared to Rs 173.6 crore in the corresponding period of the previous year.

On a QoQ basis, the Ebitda was up 6.7 per cent. It was Rs 320.1 crore in Q4FY23.

B K Goenka, chairman, Welspun Group, said that the company continues to deliver strong performance in Q1FY24 with sequentially higher margins.

"It is also heartening to see the flooring business post its highest revenues during the quarter. All our emerging businesses, which are our pillars of growth, have shown promising results during the quarter. The domestic consumer business further strengthened its market leadership, with “Welspun” being the most widely distributed “home textile” brand in India," he said.