Welspun India has had a 17.27 per cent decline in consolidated net profit for the third quarter ended December 31, 2016. The home textiles company had posted a net profit of Rs 181.61 crores in the same period of last financial year. Income from operations in the quarter under review was up 3.85 per cent compared to the same period last year.
The company is in the process of establishing a new supply chain system in textiles which was never there before by introducing RFID. RFID will help it track the entire supply chain. Welspun has put up a team in Egypt to source cotton and thereafter all processes from spinning to weaving and processing will be in house.
Tilt, the smart textile launched in the US market, is the company’s patented product and will be a new way of looking at textiles. In the next three or five years futuristic textiles may be the next step. As the consumer moves in smart cars and gets into smart homes, Welspun plans to bring in smart textiles to them.
Welspun aims to expand focus on branded and innovative products to become a $2 billion company in four years, with 20 per cent revenue coming in from domestic sales.