Welspun India Q3 net profit declines by 66 percent

Welspun India reported a 66.55 per cent decline in consolidated net at INR 43.83 crore in the third quarter ended December 2022, impacted by lower sales. The company had posted a consolidated net profit of INR 131.06 crore in the same quarter last fiscal, Welspun India said in a regulatory filing. Consolidated total income during the quarter under review stood at INR 1,904.05 crore as against INR 2,437.92 crore in the year-ago period, it added.

“The global environment remained challenging during Q3 FY23 due to inflation and slowdown across our key markets,” Welspun Group Chairman B K Goenka said. Despite the challenges, he said, “Our domestic consumer business continued to consolidate its leadership position with ‘Welspun’ brand footprint at over 10,600 outlets and clocking its highest ever quarterly revenues during the quarter, growing in excess of 39 per cent YoY.”

During the quarter, the home textiles segment clocked a revenue of INR 1,757.50 crore as compared to INR 2,250.77 crore in the year-ago quarter. The flooring business registered INR 168.42 crore revenue as against INR 190.92 crore in the same period last fiscal, the filing added.

In a separate filing, the company said it has signed a brand licensing agreement with The Walt Disney Company for the EMEA (Europe, Middle East, Africa) region. “The licence will give Welspun the rights to design, develop, manufacture and distribute a complete range of home textiles products leveraging Disney’s vast franchises and characters across Disney, Pixar, Marvel and Lucas brands,” it said.