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Welspun q4 income up four per cent

For the fourth quarter Welspun India’s total income was up 4.30 per cent as against the same period a year ago. The company posted a net profit of Rs 89.86 crores. Consolidated loss for the quarter was Rs 78.43 crores. Shares of Welspun India Friday were trading 4.73 per cent higher. Welspun India is part of the Welspun Group. The company and its subsidiaries, which have been facing litigation in the US surrounding its premium cotton home textile products, have entered into a settlement agreement in the US. The settlement agreement is subject to approval by the appropriate courts in the United States and regulators, and is intended to resolve legal claims in the US concerning the past marketing and labeling of the company’s premium cotton home textile products. To avoid the burden, cost, and uncertainty of continued litigation in the United States surrounding the provenance of its premium cotton home textile products, the company and its subsidiaries entered into a settlement agreement, which provides monetary payments to settlement class members not to exceed an aggregate 36 million dollars.

In 2016, the US retail giant Target Corporation had terminated contract with the Gujarat-based textiles maker over alleged lapses in its products supply.

 
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