Welspun India posts net loss on input costs, rupee

Welspun India posts net loss on input costs, rupee
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First Published: Mon, Jun 02 2008. 12 03 PM IST
Updated: Mon, Jun 02 2008. 12 03 PM IST
Mumbai: Welspun India Ltd, on 2 June posted a Jan-March net loss despite an increase in sales, hurt by an appreciating rupee and rising cotton and fuel prices.
Welspun India posted a net loss of Rs28.7 million, compared with a profit of Rs102.9 million a year ago.
Net sales rose 54% to about Rs3.8 billion, from Rs2.5 billion.
The company said that it was hopeful of improving margins with the dollar gaining against the rupee lately.
The rupee rose more than 12% against the dollar in 2007 and touched its highest level in nearly 10 years at 39.16 per dollar in November.
But it has fallen 6.7% so far in 2008 due to higher oil import costs and rising inflation.
Shares of Welspun India were down 0.2% at Rs49.80 in the Mumbai market.
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First Published: Mon, Jun 02 2008. 12 03 PM IST