Mumbai based, Welspun India, Asia’s largest Terry Towel producers in the World has reported a 19.77 per cent growth in their consolidated net profit. It accounts to Rs 193.29 crore for the fourth quarter which ended on March 31, 2015-16.
As per the record of January-March quarter of 2014-15, the company had shown a profit of Rs 161.38 crore. Net sales of Welspun increased by 19.14 per cent to Rs 1,459.47 crore during the quarter under review as against Rs 1,224.96 crore during the same period in the last fiscal.
“In the coming year, our focus will be on increasing revenue from the domestic market and profitability through branded and innovative products,” Chairman, Welspun Group, B K Goenka was quoted by PTI as saying.
Welspun also released a statement that for the current fiscal, capital expenditure planned is Rs 800 crore.
“This includes the remaining part of the modernisation project and capacity enhancement in towels, sheets and rugs & carpets. By the end of the year, annual capacity is expected to reach 72,000 MT in Towels, 90 million metres in Bed Linen and 10 million sq metres in Rugs & Carpets,” the company released a statement.
In the financial year which ended on March 31, 2016, Welspun’s consolidated net profit grew to Rs 702.87 crore as against Rs 539.79 crore of the last fiscal year. For FY15-16, the company has reported net sales of Rs 5,387.66 crore, against Rs 4,722.9 crore in year 2014-15.
Welspun’s board has recommended a final dividend of Rs 0.05 per share. The company’s stock was trading at Rs 99.70 on BSE, up 0.20 per cent from the previous close.