Textile manufacturer Welspun India today said its profit after tax (PAT) has more than doubled at Rs 109.5 crore during the third quarter of this finacial year.
The PAT of the company stood at Rs 51.6 crore in the corresponding quarter of FY13, the company said in a release.
Revenue of the company, part of USD 3.5 billion Welspun Group, grew by 24 per cent at Rs 1,146.8 crore compared to Rs 922.5 crore in Q3 FY13 with strong volume growth across towels and rugs.
"Our strategic repositioning has helped us deliver strong results consistently over the last few quarters. The backward integration capex, once commissioned, will improve quality and availability of key intermediate products such as yarn and fabric," Welspun India Chairman B K Goenka said.
"We will continue our focus on quality and innovation to consolidate our position as the top global home textile supplier," he said.
The US, which is the largest market for Indian players, continued to show signs of economic growth, it said.
In spite of Europe granting duty-free access to Pakistan and Bangladesh, Indian exports to Europe are growing and could receive a further boost if the IndiaŅEU Free Trade Agreement is signed. The domestic market is growing at a fast pace, with FDI in retail likely to provide a further impetus, the company said.