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Q2FY17 revenue at Welspun India surges 22%
18
Nov '16
Revenue for the three months to September 30, 2016 at Indian home textiles exporter Welspun India Ltd amounted to Rs. 1,790 crore, a surge of 22 per cent over the same quarter of prior fiscal. However, for the first half of fiscal 2017, revenue grew slower at 18 per cent to reach Rs. 3,383 crore from Rs. 2,863 crore in the earlier fiscal's second quarter.

According to the company, this record revenue was achieved despite the issue of use of Egyptian cotton in its home textiles products, raised by a few US retailers.

Despite this impact for which the company took a one time hit of Rs. 501 crore in the second quarter to provide for all the likely costs, Welpsun posted its highest EBIDTA at Rs. 457 crore, up 13 per cent over the fiscal ago period.

Similarly, for the six months ended September 30, 2016, the company recorded EBIDTA of Rs. 898 crore, which translates into year on year growth of 12 per cent.

For the quarter under review, profit before tax also shot up to an all time high of Rs. 299 crore, a rise of 14 per cent, while on a half-year basis, profit before tax amounted to Rs. 593 crore, also up by 14 per cent year over year.

“We have registered a double digit revenue growth in spite of the recent challenges, which have provided important lessons for us,” Chairman BK Goenka said. “We are taking all necessary steps to transform Welspun India into an institution which is system-driven.”

Fibre2Fashion News Desk – India

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