Indian home textiles firm Welspun Living reports four-fold rise in Q3 profit

Welspun Living

31/01/2024 10:30

Jan 31 (Reuters) - Indian textiles firm Welspun Living
 WLSP.NS  reported a four-fold rise in its third-quarter profit
on Wednesday as consumers bought more home furnishings during
the festive period, sending its shares to a record high. 
    The company's consolidated net profit rose to 1.77 billion
rupees ($21.3 million) for the three months ended Dec. 31 from
423.8 million rupees a year earlier. 
        Consumers shelled out more on home textiles and
furnishings during the festive period, which lasted for a
majority of the third quarter.
  
        Margins on earnings before interest, taxes,
depreciation, amortisation (EBITDA) expanded to 15.6% from 12% a
year earlier. 
        The company's total revenue rose 29% to 24.11 billion
rupees, with international sales contributing 70% to the total.
  
        Revenue from the home textiles segment - its largest -
which includes bed sheets, rugs and carpets, grew 94.5%. 
    Welspun Living, a unit of Mumbai-based conglomerate Welspun
Group and one of the country's largest home textiles exporters,
said its international business grew 36% for the quarter. Around
70% of its customers were based in the United States, it said
earlier.
    The company's shares, which had gained nearly 19% in the
December quarter, jumped more than 8% to hit a record high on
Wednesday after its results.  
         
  
    
        
   

($1 = 83.0150 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru; Editing by Sonia
Cheema)
 ((anisha.ajith@thomsonreuters.com;))