Welspun India on its way to achieve US $ 1 billion

India’s leading home textiles conglomerate Welspun Group is moving towards touching the impressive numbers of of US $ 1 billion.

For the first nine months of the current fiscal year, the sales of the company climbed by 35.8 per cent to approximately US $ 955 million.

The company is also expanding its manufacturing footprint, with capacity increases in towels, bedding, rugs and carpets in the coming months.

BK Goenka, Chairman, Welspun Group, said “Our markets like US and UK have been showing strong consumer spending. In India, economy is coming out of pandemic-led slowdown with strong demand supported by monetary policies and fiscal stimulus from Government.”

The company reported a 25 per cent decline in consolidated net profit at Rs. 131.06 crore for the third quarter ended December 2021.

It achieved a consolidated net profit of Rs. 174.8 crore in the same quarter last fiscal, while the consolidated total income in the third quarter stood at Rs. 2,437.92 crore, as compared to Rs. 2,049.71 crore in the same period last fiscal.

“In Q3, we witnessed further strong performance in home textile with 19 per cent growth year-on-year and the home textile segment alone is poised to cross US $ 1 billion revenues in this fiscal year. However increasing input costs, rising energy prices and global logistics issues continued to weigh on the margin front,” he said.

The de-risking strategy of shift in sourcing goods from more than one country is anticipated to benefit major industry players. Furthermore, the banning of Xinjiang Cotton (which accounts for 20 per cent of world’s cotton production) by the US brings additional advantage for the country and players like Welspun.