New Delhi: Home textiles firm Welspun India Ltd on Tuesday reported a 47.07% decline in consolidated net profit at Rs79.51 crore for the December 2017 quarter, compared to a profit of Rs150.24 crore a year ago.
Total income in the quarter under review stood at Rs1,414.3 crore, down 7.06% from Rs1,521.82 crore in the same period last year, Welspun India said in a BSE filing.
The company said its income declined due on account of volume decline due to customer destocking, coupled with goods and service tax impact on duty drawback.
Commenting on the result, Welspun Group chairman BK Goenka said: “We have been taking steps to be prepared for future in terms of our brands, channels, innovation, traceability solutions, sustainability solutions and many other areas".
In August 2016, US retail giant Target Corp. terminated a contract with the Gujarat-based company over alleged lapses in its products supply. Following this, Walmart stopped selling Welspun India’s Egyptian cotton products. Welspun India had later appointed consultancy firm Ernst & Young to look into the alleged lapses.