Welspun India Q1 Net up 75 pc to Rs 89.9 crore

NEW DELHI: Welspun India, part of the USD 3.5 billion Welspun Group, today reported a 75 per cent jump in net profit at Rs 89.9 crore for the first quarter ended June 30, 2013.

The company had reported a net profit of Rs 51.4 crore in the corresponding period last fiscal, Welspun India said in a statement.

Revenue of the company was, however, down 3 per cent to Rs 944.6 crore for the reported quarter as compared to Rs 973.4 crore in the same period last year, it added.

"Our reorganisation efforts, bringing the textile business under one roof and focusing on our core competencies, stand vindicated by the results we have been reporting over the last few quarters. The vertical integration project, once completed, will lead to further improvement in profitability," Welspun India Chairman BK Goenka said.

The vertical integration project to increase spinning and weaving capacity is on schedule and expected to be completed by end of FY14, the statement added.