Welspun India Posts Profitable 2Q

MUMBAI - Higher volumes helped push Welspun India's first half sales ahead by 17% to 10.2 billion Rs, or approximately $231 million US.
     With margins under pressure from higher raw material costs, the manufacturer reported earnings per share of 5.95 Rs, down about 42% from EPS of 10.26 in last year's first fiscal half.
     For the second quarter ended Sept. 30, sales rose 24% to 5.7 billion Rs, or approximately $129 million US. Earnings per share were 4.09 Rs compared to EPS of 5.71 Rs is the year-ago period.
     "In the U.S., the positive trend of growth continues, similar to the UK market, which has seem retail sales improvement," the company said in a release accompanying the numbers.
     Welspun India also noted that in addition to rising cotton prices, it is contending with higher crude oil and power prices.
     Going forward, the company said it will work on strengthening its hospitality business to boost profitability.

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