 "Welspun India Q2FY24 result: Net profit jumps 2305% YoY to Rs 200.4 cr")
The consolidated net profit of Welspun India for the second quarter of the current financial year (Q2FY24) saw a rise of 2,305.8 per cent to Rs 200.41 crore, compared to Rs 8.33 crore for the corresponding quarter of the previous year, the company said in a BSE filing. Sequentially, the net profit was up 23.15 per cent. In Q1FY24, the net profit of the company was Rs 162.73 crore.
The revenue from operations for Q2FY24 came in at Rs 2,509.08 crore, compared to Rs 2,113.46 crore year-on-year (y-o-y), registering a rise of 18.71 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was up 14.88 per cent. It stood at Rs 2,184.05 crore in Q1FY24.
The total income for Q2FY24 came in at Rs 2,542.31 crore, compared to Rs 2,135.59 crore y-o-y, registering a rise of 19.04 per cent. On a q-o-q basis, the total income was up 14.78 per cent. It was Rs 2,214.86 crore in Q1FY24.
B K Goenka, chairman of Welspun Group, said, "It is a proud moment for the company to have reported highest ever consolidated quarterly revenues in Q2FY24 with consistent profitability in last few quarters, in the face of relatively adverse global economic situation and subdued consumer sentiments. It is also heartening to see the flooring business picking up well and reporting the highest quarterly revenues and margin. All our emerging businesses of global brands, domestic consumer, advance textile and flooring are continuing to show strength and grew 28 per cent in Q2FY24... Welspun brand strengthened its leadership position and continued being the most widely distributed Home Textile brand in the country with presence in 600+ towns and 15,511+ outlets."
In a press release, the company stated in Q2FY24, its innovation and branded business grew by 67 per cent and 15 per cent y-o-y, respectively.