Welspun India, posted a net profit of Rs 143.6 crore in the December quarter compared to 109.5 crore in the same quarter last year, an increase of 31%. Revenues during the quarter stood at Rs 1,345.9 crores compared to Rs 1,102.9 crore last year translating into a growth of 22%.
Raw material costs have declined during the quarter to Rs 548.23 crore this year compared to Rs 556.3 crore in the corresponding quarter last year. Cotton prices have been on a decline due to a glut of the commodity on the domestic as well as international markets. Depreciation during the quarter was 83% to Rs 91 crore compared to 50 crore last year.
During the quarter, the company started the country's largest spinning facility in Anjar. Out of a total investment plan of Rs 2,500 crore, 50% has been invested and the rest will be invested over a period of 18-24 months.