Companies

Welspun India Q1 net falls 65 per cent to ₹53.75 cr

PTI | | Updated on: Jul 24, 2020

Textile firm Welspun India on Friday reported a 65.56 per cent decline in consolidated net profit to ₹ 53.75 crore for the quarter ended June on account of lower income.

The company had posted a net profit of ₹156.07 crore for the corresponding period of the previous financial year.

Total income during the quarter stood at ₹1,216.04 crore, down 29.96 per cent from ₹1,736.29 crore earlier.

Welspun Group Chairman B K Goenka said: “In a quarter marked by challenging conditions and uncertainties, we have demonstrated resilience in our performance. We are well equipped for the ‘New Normal’ and have resumed operations in record time while prioritising the safety and well-being of our people. We continue to accelerate our journey towards digitalisation of all critical business functions and processes.”

Shares of Welspun India closed nearly 5 per cent higher at ₹36.20 on the BSE.

Published on July 24, 2020

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