Leading home textile company Welspun India has reported 16 percent quarter-on-quarter (QoQ) growth in its domestic retail business in the second quarter (Q2) of fiscal 2023 (FY23), while the year-on-year (YoY) growth was 31 percent. The company’s net debt stood at Rs. 19,980 mn as on September 30, 2022, compared to Rs. 25,332 mn as on September 30, 2021, a reduction of Rs. 5,352 mn on a YoY basis.

Welspun India’s revenue from home textiles was Rs. 20,114 mn in Q2 FY23, compared to Rs. 23,749 mn in Q2 FY22. On a YoY basis, the company’s revenue from home textiles reduced 15.3 percent. The company’s total income for Q2 FY23 was Rs. 21,366 mn, compared to Rs. 25,014 mn in Q2 FY22, and for the first half (H1) of FY23, the total income was Rs. 41,156 mn, compared to Rs. 47,282 mn in H1FY22. EBITDA for Q2 FY23 stood at Rs. 1,517 mn with EBITDA margin at 7.1 percent, and for H1 FY23, the EBITDA was Rs. 3,252 mn with EBITDA margin at 7.9 percent, the company said in a regulatory filing.

The company’s revenue from operations reduced to Rs. 21,135 mn in Q2 FY23, compared to Rs. 2,487.63 mn in Q2 FY22. Total expenses of Welspun India also reduced to Rs. 21,229 mn in Q2 FY23, compared to Rs. 22,181 mn in Q2 FY22.
The company reported a net profit of Rs. 83.3 mn in Q2 FY23, as compared Rs. 2,015 mn in Q2 FY22.
Welspun India also declared in the regulatory filing that its pan India footprint has crossed 10,000+ outlets and 500+ towns.

“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 per cent growth in H1 FY23 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’.”