Welspun India Q1 net falls 65% to Rs 53.75 crore on lower income

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

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

Total income during the quarter under review stood at Rs 1,216.04 crore, down 29.96 per cent from Rs 1,736.29 crore earlier, WelspunIndiasaid in a regulatory filing.

Welspun Group ChairmanB 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 were trading 2.61 per cent higher at Rs 35.40 apiece on the BSE.