On the back of strong sales, Welspun India Ltd., the home textiles giant, has reported over fourfold jump in consolidated net profit at Rs. 223 crore in Q1 2021. It posted a consolidated net profit of Rs. 53.75 crore in the same period last financial year.
The company’s home textile segment clocked revenue of Rs. 2,128.3 crore as against Rs. 1,184.6 crore in the year-ago period, up by 79.7 per cent.
The company said the change in homebody economy consumer behaviour with a focus on hygiene and wellness products, revival in the hospitality sector due to increased spending on travel and holidays in Euro and the US region, and strong global retailers’ financial performance would continue to drive the demand for home textiles in the financial year 2021-22.
BK Goenka, Chairman, Welspun Group commented on the results, “The strong growth momentum which started in H2 of last fiscal year continued in the current fiscal year also. The growth has been ‘broad-based, market-leading volume growth supported by our agile business model’”.
He further added that the prevailing global logistic challenges being a possible impediment, Welspun India is well placed to capture the growth opportunity on the back of strong customer relationships, superior distribution network, thriving global e-commerce channel and brands, and digitalisation.