Welspun India Ltd., a global leader in home textiles and part of the USD 2.7 billion Welspun Group, shared its performance for the year 2020-21. The company remains committed to its long-term aspiration of delivering sustainable and profitable volume-led growth, building on strong brand equity and accelerated focus on emerging businesses.
Elaborating, B K Goenka, Chairman, Welspun Group, said, “FY21 was a milestone year for us as we delivered solid all-round performance. Our relentless efforts and investments to create vertically integrated facilities including workers colony, warehouses, ancillary park and investment in product development has helped the company withstand disruptions across the supply chain. The Welspun India family worked harder than ever before and our efforts are being recognised by our clients and stakeholders.”
“I am thankful to all our colleagues for rising to this challenge and ensuring business continuity. We have already made significant progress on sustainability even in the year of the pandemic. The company’s newly formed Board Environmental Social and Governance Committee will continue to oversee the ESG activities’ progress and provide appropriate directions. We have refined our mid and long-term goals to further strengthen an ambitious ESG strategy. With Welspun’s Penta Protocols™ and contact tracing app WelHeal®, we are ensuring the complete safety and wellbeing of our employees and adopting social distancing norms,” he added.
The company remains committed in its long-term aspiration of delivering sustainable and profitable volume-led growth, building on strong brand equity and accelerated focus on emerging businesses. Welspun India clocked a total turnover of Rs 74,080 million, registering a growth of 8.4% YoY. Bath linen sales’ volume grew by 8% YoY, bed linen sales volume grew by 12% YoY and rugs and carpets’ sales volume grew by 3% YoY. Globally, the homebody economy with focus on hygiene will continue to drive demand for home textiles. Big box retailers, supermarkets and marketplaces are expected to continue doing well across geographies.
Welspun’s innovation product sales during the year amounted to Rs 19,287 million, registering a growth of 6% YoY and contributed 29% to the top-line. The company’s e-commerce business witnessed heightened demand with growth of 120% YoY, contributing USD 34 million to the top-line of FY21. Its Martha Stewart brand saw expansion in both online as well as offline channels and has clocked annual turnover of about USD 14 million in FY21. Welspun India’s domestic retail branded business recorded very strong revenues in Q4 and grew by 89% YoY.
The flooring business grew by more than three times YoY and contributed 5% to the top-line in FY21. Welspun India’s capital light expansion at Vapi and Anjar is on track and the benefits from this investment will start accruing in phases from Q2 FY22. The company’s greenfield spun lace capacity addition project in Telangana is on course and the company expects commercial operation to commence from H2 FY22. Hard flooring capacity doubled in January 2021 and further doubling of the capacity of hard flooring is planned by Q2 FY22. The company has invested Rs 4,534 million in FY21.