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Welspun India posts Q1FY18 revenue at Rs 15,394 million
Aug '17
For the first quarter of 2018, Welspun India, part of the $2.3 billion Welspun Group, has recorded revenue of Rs 15,394 million as against the total of Rs 15,926 million in the first quarter of financial year 2017. The drop in revenue has been partially mitigated through volume growth in towels. There was expansion in the towels and flooring solutions.

During the quarter, the company's capital expenditure stood at Rs 730 million. For FY18, the capital expenditure is expected to be around Rs 7 billion.

EBITDA in Q1FY18 was Rs 3,333 million, down from Rs 4,314 million in Q1 FY17. EBITDA margin was affected due to higher raw material and energy costs. The finance cost (net) stood at Rs 315 million, 25 per cent higher YoY (Rs. 253 million in Q1FY17) primarily due to higher working capital.

The company's profit before tax stood at Rs 1,835 million compared to the Q1FY17 figure of Rs 2,940 million. The net worth was recorded at Rs 25,176 million as on June 30, 2017 (Rs 23,971 million at FY17-end). Depreciation was marginally higher YoY at Rs 1,183 million (Rs 1,121 million in Q1FY17), primarily on account of the capacity addition during the previous year.

"The industry continues to face headwinds such as high raw material and energy costs coupled with rupee appreciation which may lead to time correction of 1-2 years in our vision announced last year. However, we are fully committed to our targets and we believe that our innovation, branding and sustainability initiatives augur well for our future growth. We see tremendous potential in the domestic market, especially with the introduction of GST. We are also gaining momentum in new channels such as hospitality and e-commerce," said BK Goenka, chairman, Welspun Group. (RR)

Fibre2Fashion News Desk – India

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