Welspun India Ltd share Price

Textiles company Welspun India announced Q1FY24 results:

• Total Income for Q1FY24 is Rs 22,149 million grew 11.9% YoY
• EBITDA for Q1FY24 is Rs 3,415 million at 15.4% grew 96.7% YoY
• PAT for Q1FY24 is Rs 1,616 million grew more than 7x YoY
• Net Debt stood at Rs 18,153 million in Q1FY24 vs. Rs 15,343 million in Q4FY23. During Q1FY24 the Company paid out of Rs 2,400 million (incl. tax of Rs 450 million) towards buyback.
• Flooring business grew 33% YoY to record the highest revenue ever of Rs 2,251 million
• Sustainalytics rating of Welspun India improves to 11.3, the rating elevated WIL into the TOP 10 of the 202 participating companies worldwide in the Sustainalytics rating
• Board has approved the Merger of Welspun Flooring Limited and other subsidiaries with Welspun India Limited subject to NCTL approval

Speaking about the performance, B.K. Goenka, Chairman, Welspun Group, said, “The Company continues to deliver strong performance in Q1FY24 with sequentially higher margins, continuing the trend since last few quarters, delivering highest EBITDA margin in 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.

The domestic consumer business further strengthened its market leadership, with the Brand “Welspun” being the most widely distributed “Home Textile” brand in India, increasing its reach with a presence at more than 13000 outlets pan India, in line with our vision of ‘Har Ghar se Har Dil tak Welspun’.

At Welspun, Environment, Social & Governance (ESG) is now embedded in every aspect and activity of its operations, I am happy to share that the Company has improved its “Sustainalytics” rating to 11.3, the highest among the home textile manufacturers globally and rank among the top 10 out of the 202 participating companies worldwide.”

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