Welspun India Ltd. (WIL), a global leader in Home Textiles and part of the US$ 2.3 billion Welspun Group, has achieved total revenue of Rs. 21,955 mn in Q4 FY 23 & Rs. 82,151 mn in FY 23. With a distribution network in more than 50 countries and world class manufacturing facilities in India, Welspun is strategic partners with top global retailers. WIL is driven by its differentiation strategy based on Branding, Innovation and Sustainability.
Speaking about the performance, Mr. B.K. Goenka, Chairman, Welspun Group, said: “FY23, though a challenging year due to historical high input costs and demand slowdown in key global markets, ended with a positive note with all the businesses showing improved performance in Q4FY23. Through these tough times, we continued our relentless efforts to innovate through value engineering and cost rationalisation across board and achieved the highest EBITDA% in six quarters in Q4FY23. Domestic Consumer business has continued its growth trajectory, growing 31% in FY23. We are committed to continue our investment in Domestic business to solidify our industry leading position and realise our vision of ‘Har Ghar se Har Dil Tak Welspun’. All our Emerging Businesses, including Flooring business, have given superior results in Q4FY23, growing by 24%.
We, at Welspun, have become the beacon when it comes to adopting ESG practices in all facets of its operation and governance. The most recent Dow Jones Sustainability Index rating of 59, which is among the Top 5 percentile score among the companies assessed and as against the average textile industry score of 21, bears testimony to our commitment towards ESG and doing business sustainably and responsibly.”
Capacity Enhancement:
In FY23 Welspun has spent ₹ 2751 mn towards Capex. All expansion projects now being over, any fresh capital outlays would only be towards setting up renewable energy facilities, in line with our journey towards carbon neutrality. The Company is planning to establish a 30MW Solar Power plant at its Anjar facility with an investment of ₹2 bn. The power plant should be operational by Q2 FY24.
Ms. Dipali Goenka, Managing Director & CEO, Welspun India Limited, said: “A relatively higher order flows from retailers and a stellar performance from all our Emerging businesses resulted in a QoQ revenue growth of 15% in Q4FY23. It is heartening to see our Domestic business reaching newer heights with a 31% Growth in FY23. We are fast progressing towards making ‘Har Ghar Welspun’ a reality with our continued focus and investment in Domestic Consumer business as well as in building our global brands. On cost side, we have seen a marked reduction in Cotton prices and ocean freights have levelled to about pre-pandemic levels. Coupled with this, our sharp focus on value engineering and cost rationalisation, resulted in better bottom line, with the highest EBITDA % in last six quarters. With global economy still reeling under the pressure of slowdown and customer sentiments relatively subdued, we believe it might take a couple of quarters for normal demand to come back. We are, however, committed towards our strategy of long term profitable growth and continue to differentiate ourselves through innovation, brands, unparalleled quality and highest standards of service.
Welspun has come a long way in terms of sustainability and adapting global ESG trends and practices across its manufacturing facilities. The recent DJSI score of 59, which is 23% higher than our previous score and which places us among the Top 5 percentile of Global Textile companies, is a reflection of our robust ESG frameworks and implementation of policy at the operational level”, Ms. Dipali Goenka added.