Rising Rupee Trims Welspun Profits
October 29, 2007,
Mumbai, India — The rising valuation of the rupee helped take a bite out of Welspun India Ltd.'s second-quarter profit, which fell 8.4% to 168 million rupees, or approximately $4.2 million.
For the first half of the year, profit rose 0.6% to 260 million rupees, or $6.6 million. Sales climbed 17.6% to 5.59 billion rupees, or $141 million.
Exports account for approximately 93% of the towel and bedding manufacturer's sales during the quarter.