Why has Welspun India reported such a sharp fall in profits for the Jun-20 quarter?

Welspun India, one of India’s largest textile plays, reported 66% fall in net profit at Rs.53.75 crore in the Jun-20 quarter on the back of weak volumes and lower income. During the Jun-20 quarter, Welspun reported total revenues of Rs.1216 crore, 30% lower on a YOY basis. The company averred that it had resumed operations in record time. The company is also focusing on cost cutting and optimization in these hard time.