Welspun India reported a multi-fold increase in consolidated net profit to ₹162.73 crore for the first quarter ended June 2023, aided by better margins.

Welspun India reported a consolidated net profit of ₹21.36 crore in the April-June quarter of the previous fiscal year in a regulatory filing.

During the quarter under review, its revenue from operations increased 11.58 per cent to Rs 2,184.05 crore. In the previous year, it was ₹1,957.25 crore.

Welspun Group Chairman BK Goenka said, “In Q1 FY24 with sequentially higher margins, continuing the trend since last few quarters, delivering highest EBITDA margin in last seven quarters. It is also heartening to see the Flooring business post its highest revenues during the quarter.”

In the first quarter of fiscal 2023-24, its revenue from the Home Textiles segment was ₹2,037.60 crore, while revenue from the Flooring business was ₹225.09 crore. According to the company, its “flooring business grew 33 per cent year on year to record the highest revenue ever of ₹225.1 crore.”

In the June quarter, Welspun India's overall expenses grew 2.88 per cent to ₹1,998.65 crore.

Its “net debt” was ₹1,815.3 crore on June 30, 2023, compared to ₹1,534.3 crore on March 31, 2023. During the first quarter of fiscal year 24, the company paid out ₹240 crore (including tax of ₹45 crore) for repurchase.