Welspun Living Navigates Profit Dip Yet Sees Revenue Growth
Welspun Living Ltd reported a 31.4% fall in consolidated net profit to Rs 122.87 crore for Q3 2024, due to increased expenses. The company's revenue rose to Rs 2,489.61 crore, driven by a 6% increase in home textile exports. The flooring business saw a decline in revenue.
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- Country:
- India
Welspun Living Ltd, a major player in the home textiles industry, announced a significant drop in its consolidated net profit, reporting a decrease of 31.4% to Rs 122.87 crore for the third quarter ending December 2024. This decline, according to the company's regulatory filing on Thursday, has been largely attributed to rising expenses.
Despite the profit dip, Welspun Living achieved a modest revenue increase, reaching Rs 2,489.61 crore in Q3, up from Rs 2,410.87 crore in the corresponding period of the previous year. Notably, the home textiles segment demonstrated resilience, with a 6% increase in exports contributing to this growth.
The flooring business, however, recorded a decline, with revenues falling to Rs 215.73 crore compared to Rs 246.3 crore a year earlier. Welspun Group Chairman BK Goenka emphasized the company's ongoing commitment to offering sustainable home solutions, aiming to redefine the industry as the 'FMCG of Textiles.'
(With inputs from agencies.)