Cotton textiles firm Welspun India Ltd reported a standalone net profit of Rs306.54 crore in FY16-17, 53% lower than previous fiscal year’s Rs648.33 crore, as it still battles the aftermath of losing its biggest client, US retailer Target Corporation, after Welspun was found selling cheaper sheets as made from premium Egyptian cotton.Welspun India saw an 11% decline in its Q4 standalone net profit to Rs157.14 crore as the company was hit by the loss of nearly $90 million business from Target’s pullout and the subsequent class action lawsuits that it is facing in the US.