Welspun India tanks 9% as firm’s net profit plunges 62% YoY in Q4

NEW DELHI: Shares of Welspun India plummeted 8.8 per cent in early trade Wednesday as the home textiles major reported a steep fall in consolidated net profit in the last quarter of the previous financial year.

The company reported a 61.85 per cent decline in consolidated net profit at Rs 51.25 crore in the fourth quarter ended March. The company had posted a consolidated net profit of Rs 134.34 crore in the same quarter of previous fiscal.

Welspun India’s scrip slumped to a low of Rs 70.30 as against the previous close of Rs 77.05 on the BSE.

The company had posted a consolidated net profit of Rs 134.34 crore in the same quarter of previous fiscal, Welspun India said in a regulatory filing.

Consolidated total income during the quarter under review stood at Rs 2,247.06 crore as compared to Rs 2,173.56 crore in the year-ago period, PTI reported.

Total expenses in the fourth quarter stood at Rs 2,138.37 crore as against Rs 1,993.84 crore in the corresponding period of previous fiscal.

For the fiscal ended March 31, 2022, consolidated net profit was at Rs 606.71 crore as against Rs 550.79 crore in the previous fiscal, the company said, according to a PTI report.

In FY22, total income stood at Rs 9,377.31 crore as compared to Rs 7,407.96 crore in FY21, PTI reported, adding that total expenses in 2021-22 stood at Rs 8,504.47 crore.

"The global economy is going through unprecedented times currently – Ukraine-Russia conflict, logistical challenges, unseen levels of increases in commodity prices and decades’ high inflation in western economies – have all come on the back of an extended pandemic and resulted in dampened business sentiments across industries worldwide,” Welspun Group Chairman BK Goenka was quoted as saying.