With an aim to be “Har Ghar Welspun”, the company has increased the nationwide footprint of the Brand ‘Welspun’ to 10,000+ outlets and 500+ towns. The company continues to invest in this growth market.
Welspun India Ltd. part of the US$ 2.3 billion Welspun Group, announced Q2/H1FY23 results. The total revenue of the company stood at ? 21,366 mn in Q2 FY 23 & ? 41,156 mn in H1 FY 23. The flooring business revenue was recorded to be ? 1,596 mn in Q2 FY23 and ? 3,290 mn in H1 FY 23. The net debt excluding the flooring business stood at ? 10,994 mn as on 30th Sept 2022 vs ? 17,699 mn as of 30th Sept 2021, Reduction of ? 6,705 mn YoY.
The company registered a significant growth of 31% YoY & 16% QoQ in the domestic retail business in Q2 FY23 where the innovation business recorded growth 33% QoQ. The emerging business recorded growth of 17% YTD, contributing 33% of total revenue in H1 FY 23.
The flooring business has witnessed good demand build-up in India within commercial as well as institutional segments, with its domestic market sales having crossed the double-digit mark (in crores).
Speaking about the performance, B.K. Goenka, Chairman, Welspun Group, said “In view of the macro environment that continues to be challenging, the Company’s operating and financial performance demonstrates the trust it enjoys among its global customers. This is evident in the growth registered by the Company’s brands portfolio and the Domestic Retail business in particular, which delivered a robust 60% growth in H1 FY 23 on the back of an expanding retail footprint that stands at over 10,000 outlets across more than 500 towns and power brands like ‘Welspun’ and ‘SPACES’.”
In line with its 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, which would be funded through the issuance of green bonds/debentures. The power plant should be operational by Q1 FY24 and about ?500-600 Mn is expected to be incurred in FY23.