Welspun Living’s net profit rises to Rs 200 crore in Q2

New Delhi, Oct 25 (PTI) Home textiles major Welspun Living Ltd on Wednesday reported a multi-fold rise in consolidated net profit to Rs 200.41 crore for the September quarter.

The company had posted a net profit of Rs 8.33 crore in the year-ago period, according to a regulatory filing by Welspun Living (formerly known as Welspun India).

Its revenue from operations rose 18.71 per cent to Rs 2,509.08 crore during the second quarter of the current fiscal as against Rs 2,113.46 crore in the year-ago period.

This is the highest quarterly revenue by the company, which is part of the USD 3 billion enterprise Welspun Group.

“It is a proud moment for the company to have reported the highest-ever consolidated quarterly revenues in Q2FY24 with consistent profitability in the last few quarters, in the face of the relatively adverse global economic situation and subdued consumer sentiments,” Welspun Group Chairman BK Goenka said.

Its revenue from the home textiles segment was Rs 2,352.3 crore, while the same from the flooring business stood at Rs 242.6 crore during the quarter under review.

“It is also heartening to see the flooring business picking up well and reporting highest quarterly revenues and margin. All our emerging businesses of global brands, domestic consumers, advanced textile and flooring are continuing to show strength and grew 28 per cent in Q2FY24,” said Goenka.

On the domestic front, Welspun showed resilience during the quarter despite weak retail market sentiments, as a result of the focus on continued expansion, and also continued to be in positive margin space, said an earning statement from the company.

Total expenses of Welspun Living during the quarter were at Rs 2,283.42 crore, up 7.56 per cent.

Its total income increased 19 per cent to Rs 2,542.37 crore.

Shares of Welspun Living Ltd settled at Rs 142.30 on Wednesday, up 11.48 per cent from the previous close.