Home textiles major Welspun India on Tuesday 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 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, it added.
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.
In FY22, total income stood at Rs 9,377.31 crore as compared to Rs 7,407.96 crore in FY21, the company said.
Total expenses in 2021-22 stood at Rs 8,504.47 crore. Welspun Group Chairman BK Goenka said, "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 said, "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.”
Against this backdrop, the home textile revenues continued the upward trajectory to cross the USD 1 billion mark in FY22, he said.
"This demonstrates the ability of scaled-up, quality-led, and highly differentiated players to maintain an edge even during challenging times. The recently announced free trade agreements with Australia and Middle East countries would bring in additional advantages for the Indian home textiles industry and players like Welspun,” Goenka said.
However, "Historic highs in cotton and coal prices, global logistics disruptions and related impacts continue to put further pressure on the margin front,” he added.
Welspun India said its board of directors at its meeting held on Tuesday has recommended a dividend of 15 paise per equity share of the face value of Re 1 each at the rate of 15 per cent on the equity shares for the financial year 2021-22.
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