Welspun sees double-digit growth during Q2FY19

25 Oct '18
2 min read
Courtesy: Welspun
Courtesy: Welspun

In the second quarter of fiscal 2019, Welspun, one of the world’s largest home textile manufacturers, has recorded total income of ₹17,978 million as against ₹16,299 million in the second quarter of fiscal 2018. The 10.3 per cent y-o-y was predominantly volume driven, partly offset by change in drawback rates. Sequentially, sales improved by 13.9 per cent.

EBITDA was at ₹3,073 million in the second quarter as against ₹3,063 million in the same quarter previous year. EBITDA margins were lower by 170 bps, as the cost structure has aligned to the new exchange rate; however, the impact of the same is not reflected in the revenue due to existing hedges. Full impact of the exchange rate will be evident in the revenue during the next financial year.

For the reported period, PAT after minority interest was at ₹1,148 million, up 18.8 per cent y-o-y. Net debt staood at ₹30,330 million as on September 30, 2018 (₹30,269 million at FY18 end) implying a net debt/equity of 1.15x.

"We see an uptick in US retail sales and this is translating into higher volume growth for us. All the basic building blocks for significant share of B2C business are in place and our retail business is gathering momentum. We continue to pursue our differentiation strategy based on branding, innovation and sustainability," BK Goenka, chairman, Welspun Group, said. (RR)

Fibre2Fashion News Desk – India

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