Welspun Living Q1 Profit Up 14% to Rs 185.95 cr

New Delhi, Jul 24 (PTI) Home textiles major Welspun Living Ltd on Wednesday
reported a 14.3 per cent increase in consolidated net profit to Rs 185.95 crore in the June 2024 quarter.

The company posted a consolidated net profit of Rs 162.73 crore in the quarter last fiscal, Welspun Living said in a regulatory filing.

Consolidated revenue from operations stood at Rs 2,536.49 crore compared to Rs 2,184.05 crore in the year-ago period, it added.

Total expenses in the first quarter were higher at Rs 2,335.11 crore against Rs 1,998.65 crore in the corresponding period a year ago, the company said.

Welspun Living said its board of directors at its meeting held on July 24, 2024, has approved a buyback proposal for purchase of over 1.26 crore paid equity shares of Re 1 each at a price of Rs 220 per share for an aggregate amount of not exceeding Rs 278.44 crore.

"The domestic consumer business has shown resilience in the face of challenging demand scenario in the Indian retail market and continued to be the leading Home Solution brand in India, increasing our presence in over 21,000 stores and 39 exclusive brand outlets across India," Welspun Group Chairman BK Goenka said.

Despite the Red Sea issues and mixed global macro economic conditions, exports have grown by 20 per cent YoY, clearly out-performing the industry, he added.

"All our emerging businesses, which are our pillars of growth, have shown promising results during the quarter. It is also heartening to see flooring business continuing to show profitable growth with QoQ (Quarter-on-Quarter) higher capacity utilisation," Goenka added.