Welspun India, a home textiles company, posted 30 per cent decline in its total income to ₹12,160 million during first quarter (Q1) FY21 ended on June 30, 2020 compared to ₹17,363 million in Q1 FY20. EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the quarter fell 35.9 per cent to ₹2,381 million (Q1 FY20: ₹3,712 million).
“In a quarter marked by challenging conditions and uncertainties, we have demonstrated resilience in our performance. We are well equipped for the ‘New Normal’ and have resumed operations in record time while prioritising the safety and well-being of our people,” BK Goenka, chairman, Welspun Group, said in a press release.
During the quarter, company’s domestic e-commerce business grew 29 per cent YoY (Year-over-Year) with just 45 days of activity while global e-commerce business grew over 100 per cent YoY. Welspun reported that one of its brand Spaces has also become one of the top online brands on Myntra in home category. In FY21, company targets 100 per cent growth in its domestic e-commerce business and around 150 per cent growth in international business from e-commerce.
Revenue for home textiles segment dropped 31 per cent to ₹11,846 million (₹17,178 million). While flooring segment’s revenue jumped 144.1 per cent to ₹254 million (₹104 million).
“We continue to accelerate our journey towards digitalisation of all critical business functions and processes while focusing on our enablers’ viz, innovation, branding, talent and sustainability to consolidate our leadership position,” Goenka said.