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Homes textiles major Welspun India Ltd on Thursday reported a 25 per cent decline in consolidated net profit at Rs 131.06 crore for the third quarter ended December 2021.
The company had posted a consolidated net profit of Rs 174.8 crore in the same quarter last fiscal, Welspun India said in a regulatory filing.
Consolidated total income in the third quarter stood at Rs 2,437.92 crore, as compared to Rs 2,049.71 crore in the same period last fiscal, it added.
Total expenses were higher at Rs 2,234.95 crore as against Rs 1,800.83 crore in the year-ago quarter.
Welspun Group Chairman B K Goenka said, "In Q3, we witnessed further strong performance in home textile with 19 per cent growth year-on-year and the home textile segment alone is poised to cross USD 1 billion revenues in this fiscal year."
However, he said increasing input costs, rising energy prices and global logistics issues continued to weigh on the margin front.
"At Welspun, we are making our best possible efforts to control these adversities and counter it through our strong in-house manufacturing capabilities, well-recognized branding, and innovative product offerings," Goenka added.
Stating that the global textile industry is going through a transformation phase both in demand and supply side, he said the de-risking strategy of shift in sourcing goods from more than one country is anticipated to benefit major industry players.
"Furthermore, the banning of Xinjiang Cotton (which accounts for 20 per cent of world's cotton production) by the US brings additional advantage for the country and players like Welspun," Goenka said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Thu, February 03 2022. 21:03 IST