Welspun Living Ltd Reports 14.3% Profit Surge Amid Resilient Domestic Demand

Welspun Living Ltd posted a 14.3% increase in consolidated net profit to Rs 185.95 crore in the June 2024 quarter. This achievement was bolstered by resilient domestic demand and robust export growth, despite challenging market conditions. The company also announced a buyback proposal for 1.26 crore equity shares.

Home textiles major Welspun Living Ltd reported a 14.3 percent rise in consolidated net profit to Rs 185.95 crore for the June 2024 quarter on Wednesday.

The company had posted a consolidated net profit of Rs 162.73 crore in the same quarter last fiscal, according to their regulatory filing. Consolidated revenue from operations increased to Rs 2,536.49 crore from Rs 2,184.05 crore in the previous year, while total expenses rose to Rs 2,335.11 crore from Rs 1,998.65 crore.

The board of directors approved a buyback proposal for over 1.26 crore equity shares at Rs 220 per share, amounting to a total of Rs 278.44 crore. Welspun Group Chairman BK Goenka noted strong performance in both domestic and export markets, despite global economic challenges. The flooring business also showed profitable growth with increasing capacity utilization.

(With inputs from agencies.)