Welspun India, the textile subsidiary of Welspun Group reported a net loss of Rs 189 crore in the second quarter of FY 14 compared to net profit of Rs 472 .8 crore.
Revenue for the September quarter of the current fiscal stood at Rs 1219 crore compared to Rs 802 crore in the same period last year.
The company reported a loss this quarter due to depreciation being on the higher side. The company's depreciation stood at Rs 510.8 crore compared to Rs 32.5 crore last year.
The company in it's results stated that they have changed the method of providing depreciation from straight line method to reducing balance method as it is considered that it would result in more appropriate presentation of the financial statement of the company.
