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Welspun India Q3 Results Out, Company’s Retail Business Grew By 39 Per Cent

The company informed in an exchange filing that its total Income for Q3 FY 23 is Rs 19,041 mn and for 9M FY 23 is Rs 60,196 mn

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Welspun India (WIL), a global leader in Home Textiles and part of the USD

2.3 billion Welspun Group, announced Q3 results for Financial year ‘23 on Monday. According to the official statement, the company’s Retail business grew 39 per cent Year To Date to reach the revenue of Rs 4,276 million. 

The statement further informed that the company’s total Income for Q3 FY 23 is Rs 19,041 mn and for 9M FY 23 is Rs 60,196 mn. The EBITDA for Q3 FY 23 is at Rs 2,286 mn with margin at 12.0 per cent and for 9M FY 23 it stood at Rs 5,538 mn with margin at 9.2 per cent, The company’s net debt stood at Rs 19,092 mn against Rs 25,420 mn (Dec 2021), witnessing a reduction of Rs 6,328 mn YoY. 

The company’s consolidated net profit fell to Rs 42.38 crore ($5.20 million) for the quarter that ended December 31 from Rs 132 crore a year earlier. 

Speaking about the performance, BK Goenka, Chairman, Welspun Group, said “The global environment remained challenging during Q3 FY23 due to inflation and slow down across our key markets. Despite the challenges, our Domestic Consumer business continued to consolidate its leadership position with ‘Welspun’ brand footprint at over 10,600+ outlets and clocking its highest ever quarterly revenues during the quarter, growing in excess of 39% YoY YTD, taking us closer to our vision of ‘Har Ghar Welspun’.”

Goenka further added, “The company’s connect and trust it enjoys with its consumers is also evident in the growth of our Global Branded business, which crossed $100 mn this quarter. We have further added to our portfolio through a licensing agreement with Disney for the whole of EU & UK markets, which would open up different avenues with newer customers in that zone.

Welspun is well on its way towards achieving the ESG goals and targets it has set towards becoming one of the most sustainable companies in the industry.”

It has also been mentioned that in line with its journey towards carbon neutrality, Welspun 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 Q1 FY24 and about ₹500-600 Mn is expected to be incurred in FY23, which would be funded through issuance of green bonds/debentures.