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Welspun reports 49% growth in top line

Jun '07
W.I.L., the Outstanding Textile Exporter of the year (CNBC TV 18) and winner of the coveted Sustainability Award (Wal-Mart Stores Inc), reported a 49% percent rise in sales at Rs. 9,736 million in FY '07 as compared to Rs. 6,530 million in FY'06.

EBITDA reported grew by 36% to Rs. 1,780 million. The Net Profit increased by 25% at Rs.521 million and Overall Cash Profit (PAT + Depreciation) increased by 30% to Rs. 1,172 million in FY '07 w.r.t. to FY '06.

Other income includes Rs 205 million related to locational benefit of facilities being in Anjar, Gujarat. This may be construed as operational income as it accounts for the sale carried out from Anjar plant.

Project update:
Looking into the demand / supply situation of various products, W.I.L has recast its expansion plan additionally, in order to avail North American Free Trade Agreement (NAFTA) benefits and to save on fright cost, W.I.L. have decided to put up a decorative bedding facility in Mexico to produce 1.04 million bed-sets per annum, which is likely to be commissioned by Q3 - FY'08.

The total cost of Phase II expansion (including the Mexico project) has been revised from Rs 6500 million to Rs 9040 million. These projects are fully funded and do not entail any fresh equity raising or debt financing:

• Equity already raised from promoters and Temasek – Rs 1231 million,
• Term debt {under Technology Upgradation Fund (TUF)scheme} – Rs 6160 million
• Internalaccruals for the balance amount- Rs 1649 million.

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