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Welspun India posts net profit in Q4

09
May '12
Welspun India Ltd. (WIL), the largest home textile company in Asia, has registered net profit of Rs. 424.2 million for the fourth quarter of the last fiscal that ended on March 31, 2012.

The company had reported a net loss of Rs. 1.56 billion during the same period of fiscal year 2010-11, WIL said.

The earnings of WIL, a part of the US$ 3.5 billion Welspun Group, have also surged from Rs. 4.246 billion during the fourth quarter of last fiscal to Rs. 6.938 billion during the period under review.

WIL's volume of terry towel sales during the January-March 2012 period rose to 39, 113 tons, rising at 7.1 percent year-on-year, while its volume of yarns sales increased at 5.5 percent y-o-y to 33,416 tons.

Mr. Rajesh Mandawewala, Managing Director of WIL, said the textile industry in India is showing an upward trend and WIL being one of the major home textile players in the world has performed very well during the quarter.

He informed that various measures were taken to consolidate WIL's manufacturing operations during 2011-12.

He revealed that Welspun Global Brands Limited (WGBL) is being merged into WIL to deliver superior quality products and services to customers.

Post-merger, production and marketing business of both firms would come under single umbrella of WIL, while the name of Welspun Retail would be changed to Welspun Global Brands.

WIL is today one of the top three home textile manufacturers in the world. Its business is spread across the globe with a distribution network in over 32 countries including the US, the UK, Europe, Canada and Australia with more than 90 percent of its total production being exported.

Fibre2fashion News Desk - India


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