29 April 2023, Mumbai 

Welspun India Ltd has reported a notable surge in its net profit for the fourth quarter ended March 2023. The company recorded a 140% increase in net profit to Rs 125 crore, as compared to Rs 52 crore reported in the corresponding period of the previous fiscal year. However, the company's revenue for the quarter decreased by 2% to Rs 2,195 crore, from Rs 2,247 crore reported in the year-ago period.

Welspun, which is a leading player in the global textile industry, is a vertically integrated home textile manufacturer, producing a range of products including bed sheets, bath towels, rugs, carpets, and more, and catering to several international retailers and brands. The company has a strong focus on both domestic business growth and expanding its global footprint. It exports to over 50 countries, with a strong presence in the US and European markets.

Despite challenges posed by high input costs and a demand slowdown in key global markets, the company's strong financial performance in Q4FY23 can be attributed to its continuous efforts to innovate through value engineering and cost rationalisation across the board. The domestic consumer business, in particular, continued to show impressive growth, with a 31% increase in FY23. The company remains committed to investing in the domestic business to further strengthen its industry-leading position.

Welspun India Ltd's strong financial performance highlights its position as a key player in the global textiles industry, with a diversified product portfolio and a strong focus on innovation and cost optimisation.

Latest Textile Events

15 April 2023, Mumbai 

The state government of Maharashtra has extended its current textile policy until the proposed new policy is approved, as the textile industry in the state has raised concerns about the delay in finalizing the new policy.

The current policy, which was implemented in 2018 and was set to expire this year, will remain in place until the new policy is approved. The government has formed a 23-member committee to draft the new policy, which is expected to address issues such as subsidies for setting up new units, expanding existing ones, and power supply.

The delay in finalizing the new policy has caused concerns among industry stakeholders, who have called for reforms. Maharashtra is the leading contributor to textile production in India, and the 2018-23 policy aimed to add 10 lakh new jobs and secure an investment of Rs. 36,000 crore. The industry now has to wait for the new policy to be finalized and until then, they will have to continue operating under the existing policy.

Despite the challenges faced by the industry, such as rising competition from neighboring states and the ongoing COVID-19 pandemic, the textile industry in Maharashtra has been able to sustain its growth and remains a crucial sector for the state's economy. The new textile policy is expected to focus on promoting innovation, research and development, and sustainable practices in the industry, in addition to addressing the issue of subsidies. The policy will aim to enhance the competitiveness of the textile industry in Maharashtra and make it a global leader in the sector.

The government has already taken several initiatives to support the textile industry, such as setting up textile parks and providing financial assistance to small and medium-sized enterprises, which have helped in creating employment opportunities and boosting the growth of the sector. It is important to note that the textile industry in Maharashtra contributes almost half of the country's total textile production and has been instrumental in creating employment opportunities, especially in rural areas where the majority of textile units are located.

Latest Textile Events

13 April 2023, Mumbai 

Linen Club, the pioneering brand of linen in India, has opened its 5th store in Gujarat, the third in Ahmadabad.

Located in C G Road, the store offers a wide range of linen fabrics, including pure linen and linen-blended collection, along with a collection of apparel for both men and women. Linen Club's new offering – Ethnique, a ceremonial collection of pure linen fabrics, provides a complete solution for weddings to the main attire.

Linen Club is the leading linen brand in the country and has 7000+ points of sale as multi-brand outlets and 200+ networks of stores and exclusive brand outlets. Apart from its extensive retail network in India, Linen Club also exports its linen fabrics to several countries, including the United States, the United Kingdom, Australia, and the Middle East.

Linen Club is a subsidiary of Jaya Shree Textiles, a unit of Aditya Birla Group, a leading Indian multinational conglomerate with a presence in various sectors such as metals, cement, textiles, chemicals, and telecommunications.

Latest Textile Events

20 April 2023, Mumbai 

The Government of Uttar Pradesh has signed an MoU with the Government of India to establish 1,000-acre textile parks in Lucknow and Hardoi districts under the PM Mega Integrated Textiles and Apparel (PM Mitra) scheme.

The park will be developed in collaboration with private participation. The state government's move towards re-establishing the state's ancient glory and making it the new textile hub of the country has been widely appreciated.

Uttar Pradesh today has the most favourable environment to set up enterprises and the government is paving the way for UP's development through airports, highways, and proper law and order situation.

The program saw the exchange of MoUs between government officials and leading private investors.

Latest Textile Events

26 April 2023, Mumbai 

Chennai's cherished brand, Sundari Silks, celebrated the grand opening of their new flagship store in Vile Parle, Mumbai, in the presence of Bollywood actress Esha Deol.

What all you need to know

The actress, looking stunning in a pink Kanjivaram saree from Sundari Silks, cut the ribbon, marking the beginning of a new chapter for the renowned South Indian brand.

The new Sundari Silks store in Vile Parle offers a more expansive and immersive shopping experience to its customers. The standalone showroom, with its warm Chettinad welcome and ambiance reflecting Indian heritage, is a testament to the brand's commitment to preserving and promoting the country's diverse weaving traditions.

The store houses a vast collection of weaves from different regions of India, including Kanjivarams from Tamil Nadu and Pashminas from Kashmir. Sundari Silks caters to the whole family, offering readymade shirts, kurtas, and dhotis for men, ethnic pattu pavadais and frocks for girls, and salwar fabrics and readymade kurta sets for women.

Mr. Manmohan, Managing Partner at Sundari Silks, expressed his pride in the brand's legacy as it reaches this new milestone. He said, "Sundari Silks is more than a brand; it's a celebration of India's rich textile heritage.

Over the past 80 years, we've woven together tradition and innovation to create a tapestry of unique, handcrafted pieces.

Each saree tells a story, a testament to the skilled artisans who pour their heart and soul into every creation. As we open our new store in Mumbai, we invite you to experience the colors, textures, and stories of India, wrapped in the warmth of our cherished Sundari Silks."

Sundari Silks is well-known for its exceptional service and personal connection with customers.

The brand's commitment to authenticity, quality, and innovation has made it a beloved name in the textile industry. With its own weaving units in Tamil Nadu, Sundari Silks ensures originality and uncompromised craftsmanship in every piece.

Experience the rich heritage of Indian textiles and create lasting memories at the newly opened Sundari Silks store in Vile Parle, Mumbai.

About Sundari Silks:

Established to preserve the country’s diverse weaving heritage, Sundari Silks has crafted a legacy in the textile industry. This is visible through their authentic collection of weaves imbued

with their unparalleled artistry and craftsmanship. They have their own weaving units in Tamil Nadu, ensuring the originality and uncompromised quality of fabric and artistry.

Being a brand that carries the pride of heritage, they have constantly put forth notable innovations that have elevated and influenced the significance of our traditional attire.

Once a Sundari, Always a Sundari

Sundari Silks has always been recognized for its exceptional service, leaving everyone a personal connection with the store. They make you feel welcome and are quick to understand your requirements and serve you with the best choices.

Stand out from the crowd with a wardrobe full of authentic and premium collections. Walk into the newly opened Sundari Silks at Vile Parle and take away treasured collections and a remarkable shopping experience.

Latest Textile Events