June 22, 2024
Financial Results

Welspun Living Ltd Achieves Record Revenues And Sustainable Growth In Q4 FY24

Welspun Living Ltd, a leading global player in home textiles and part of the Welspun Group, has announced its Q4FY24 results, marking a significant milestone in sustainable profitability and revenue growth.

Balkrishan Goenka, Chairman of Welspun Group, expressed his satisfaction with the company’s performance, stating, “It is heartening to see the company achieving a considerable growth of 20% in FY24, recording its highest ever yearly revenues and sustainable profitability, with PAT growing by 3.4x. Being recognised and certified as a ‘Great place to work’ by GPTW Certification agency and be among the top 100 companies in India in all parameters, is an incredible accomplishment. Our flooring business continued to achieve newer heights with highest ever revenues and profitability in FY24.”

Goenka emphasized the significance of emerging businesses, stating, “All our emerging businesses, which would be key contributors towards our future growth, recorded a 26% increase in revenues during Q4FY24. Our domestic businesses of home textile and flooring are our key emerging businesses, attained highest revenues in FY24 and brand “Welspun” continues to be the most widely distributed home textile brand in the country with presence in 600+ towns and 20,000+ stores.”

Regarding sustainability, Goenka highlighted, “Our leadership in sustainable business practices of embedding environmental, social and governance (ESG) aspects in all our business operations and processes, was further reiterated through the recent rating done by Dow Jones Sustainability Index (DJSI) for 2023-24, which puts us among the top 3 percentile of the home textile companies globally.”

Key Highlights:

  • Total income for Q4 FY24 reached Rs 26,167 million, up 19.2% YoY, and Rs 98,251 million for FY24, up 19.6%.
  • EBITDA for Q4 FY24 increased by 25.0% YoY to Rs 4,001 million, and for FY24, it surged by 73.3% to Rs 15,147 million.
  • PAT for Q4 FY24 stood at Rs 1,460 million, growing by 16.4% YoY, and for FY24, it soared by more than 3.4 times to Rs 6,811 million.
  • Domestic consumer business revenue in Q4FY24 grew by 12.2% YoY to Rs 1,382 million and for FY24, it stood at Rs 5,707 million, growing by 3.7%.
  • Flooring business achieved its highest-ever yearly revenue of Rs 9,269 million and EBITDA of 8.3%, growing by 31.4% in FY24.
  • Net debt decreased to Rs 13,542 million as of March 31, 2024, compared to Rs 15,343 million a year ago.
  • Welspun Living received a DJSI score of 66 for 2023, placing it among the top 3 percentile of textile companies globally and the highest in India.
  • ROCE improved substantially to 14.6% from 5.7% in FY23.

Brand ‘Welspun’ has strengthened its leadership position and became the most widely distributed home textile brand in India. The company’s emerging businesses recorded a 26% YoY growth in Q4 FY24 and contributed 33% to total consolidated sales. Its export business grew by 23% YoY in both Q4 FY24 and FY24. The company spent Rs 2,754 million in FY24, primarily towards setting up a 30 MW solar power plant at its Anjar facility.

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