Welspun India reported a 66.55 per cent drop in consolidated net profit to Rs 43.83 crore in the third quarter ended December 2022, owing to reduced sales.
Welspun India reported a consolidated net profit of Rs 131.06 crore in the same period last year, according to a regulatory filing.
The consolidated total income for the quarter under review was Rs 1,904.05 crore, compared to Rs 2,437.92 crore the previous year, it noted.
Speaking about the performance, Mr. B.K. Goenka, Chairman, Welspun Group, said “The global environment remained challenging during Q3 FY23 due to inflation and slowdown across our key markets.
Despite the difficulties, he stated, “Our domestic consumer business continued to consolidate its leadership position with ‘Welspun’ brand footprint at over 10,600 outlets and clocking its highest ever quarterly revenues during the quarter, growing in excess of 39 per cent YoY.”
The home textiles category generated Rs 1,757.50 crore in revenue during the quarter, compared to Rs 2,250.77 crore in the previous quarter. According to the filing, the flooring company generated Rs 168.42 crore in revenue, compared to Rs 190.92 crore in the same period previous year.
Separately, the firm announced the signing of a brand licence agreement with The Walt Disney Company for the EMEA (Europe, Middle East, and Africa) area.
“The licence will give Welspun the rights to design, develop, manufacture and distribute a complete range of home textiles products leveraging Disney’s vast franchises and characters across Disney, Pixar, Marvel and Lucas brands,” it said.
Welspun India CEO and Joint MD Dipali Goenka said, “Our collaboration with Disney will enable us to further enhance consumer living spaces with market leading solutions and experiences for all retail channels and consumers across EMEA.”