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Welspun India Q3 net falls 47.07% to Rs 79.51 crore

Press Trust of India  |  New Delhi 

Home textiles firm today reported a 47.07 per cent decline in consolidated net profit at Rs 79.51 crore for the third quarter ended December 2017.

It had posted a net profit of Rs 150.24 crore in the same period of the last financial year.

Total income in the quarter under review stood at Rs 1,414.3 crore, down 7.06 per cent, compared with Rs 1,521.82 crore in the same period last year, said in a BSE filing.

The company said its income declined due on account of volume decline due to customer destocking, coupled with GST impact on duty drawback.

Commenting on the result, BK said: "We have been taking steps to be prepared for future in terms of our brands, channels, innovation, traceability solutions, and many other areas".

In August 2016, US retail giant terminated contract with the Gujarat-based over alleged lapses in its products supply.

Following this, stopped selling Welspun Indias Egyptian had, later, appointed consultancy firm to look into the alleged lapses.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 13 2018. 16:05 IST