Welspun India first quarter profit for the financial year 2023-24 surged 621.8 per cent at Rs 161.60 crore from Rs 22.39 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 2,184.05 crore, up 11.6 per cent as against Rs 1,957.25 crore during the first quarter of FY23. The company EBITDA stood at Rs 310.6 crore. The company clocked a total income of Rs 2,214.86 crore, up 11.9 per cent in comparison to Rs 1,978.99 crore during Q1FY23. However, the total expenses during the quarter stood at Rs 1,998.65 crore, up 2.9 per cent from Rs 1,942.68 crore during Q1FY23.
Net Debt for Welspun stood at Rs 1815.30 crore as on 30th June 2023. During Q1FY 24, the company paid out of Rs 240 crore towards buyback. In Q1FY24, the company has spent Rs 57.10 crore towards capex, mainly towards the setup of a 30 MW solar power plant at its Anjar facility.
The company has also approved the merger of Welspun Flooring Limited and other subsidiaries with Welspun India Limited, subject to NCTL approval. Welspun has also unveiled its new brand identity. “The same has been created to recognise and cherish Welspun’s hallmark story of bold expansion and growth built upon our strategic diversification forays from B2B to B2C business opportunities,” it said in a regulatory filing.
Welspun’s Q1 performance across sectors
Welspun’s home textiles segment posted revenue at Rs 2,037.60 crore as against Rs 1,852.05 crore during the year ago quarter. Its flooring business recorded a revenue of Rs 225.09 crore in comparison to Rs 169.38 crore during Q1FY23. “Our Domestic consumer brand Welspun continued to be the most widely distributed home textile brand in the country with presence in 500+ towns and 13,265+ outlets (up by 2092 in Q1), a reach not hitherto achieved by any home textile player in India,” the company said.
Speaking about the performance, BK Goenka, Chairman, Welspun Group, said, “The Company continues to deliver strong performance in Q1FY24 with sequentially higher margins, continuing the trend since the last few quarters, delivering the highest EBITDA margin in the last seven quarters. It is also heartening to see the flooring business post its highest revenues during the quarter. All our emerging businesses, which are our pillars of growth, have shown promising results during the quarter.”