Welspun Living Q1 net profit rises 14% to ₹185.95 crore

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

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

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

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

"The domestic consumer business has shown resilience in the face of a 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 macroeconomic conditions, exports have grown by 20% 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.