NEW DELHI, Jan 31: Home textiles firm Welspun India today reported a 17.27 per cent decline in consolidated net profit at Rs 150.24 crore for the third quarter ended December 31, 2016.
It had posted a net profit of Rs 181.61 crore in the same period of the last financial year.
Income from operations in the quarter under review stood at Rs 1,500.85 crore, up 3.85 per cent, compared with Rs 1,445.13 crore in the same period last year, Welspun India said in a BSE filing.
In August last year, US retail giant Target Corporation terminated contract with the Gujarat-based textiles maker over alleged lapses in its products supply.
Following this, Walmart stopped selling Welspun India’s Egyptian cotton products. Welspun India, later, appointed consultancy firm Ernst & Young to look into the alleged lapses.
“We continue to work on new growth avenues, which will help us achieve our Vision 2020. Our focus areas include the domestic market through our brands; new products such as flooring solutions, and new channels such as e-commerce, hospitality and healthcare,” Welspun Group Chairman B K Goenka said.
For the fiscal 2016-17, the company said capital expenditure planned is Rs 800 crore.