Latest News | Welspun India Q3 Net Profit Declines 66.55 Per Cent to Rs 43.83 Crore

New Delhi, Jan 30 (PTI) Home textiles major Welspun India on Monday reported a 66.55 per cent decline in consolidated net profit at Rs 43.83 crore in the third quarter ended December 2022, impacted by lower sales.

The company had posted a consolidated net profit of Rs 131.06 crore in the same quarter last fiscal, Welspun India said in a regulatory filing.

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Consolidated total income during the quarter under review stood at Rs 1,904.05 crore as against Rs 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.

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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 Rs 1,757.50 crore as compared to Rs 2,250.77 crore in the year-ago quarter. The flooring business registered Rs 168.42 crore revenue as against Rs 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.

Welspun India CEO and Joint MD Dipali Goenka said, "Our collaboration with Disney will enable us to further enhance consumer living spaces with market leading solutions and experiences for all retail channels and consumers across EMEA."

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