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Welspun India Ltd - Emerging businesses gaining traction

Posted On: 2019-10-22 21:49:51

Welspun India Ltd. (WIL), part of the US$ 2.7 billion Welspun Group, announced Q2FY20 / H1FY20 results today.

Consolidated Highlights:

- Q2FY20 Total income was Rs. 18,371 million vs. Rs. 17,978 million in Q2FY19, registering a growth of 2.2% YoY. Emerging businesses grew by 30% YoY.

- EBITDA margin for Q2FY20 was 22.0%, higher 424 bps YoY
- Net debt/equity continues to be below 1x
- Prepaid term loans of Rs. 2,841.7 million, weighted average interest rate of these loans was 9.8% p.a.
- 'Badal Dalo' campaign for 'Welspun' brand with Amitabh Bachchan as brand ambassador was well received.
- 'Rangana by Spaces' grew 74% YoY
- Awarded 'Vendor of the year' for sustainability by Macy's

Capex and Project Status

- Company continues to calibrate capex according to cashflows
- H1FY20 Capex was approx. Rs. 4.6 billion
- FY20 total capex is expected to be Rs. 6 billion
- Welspun Flooring (WFL) - WFL has commenced its operations with effect from September 13, 2019. Overall capex till date is around Rs. 8.1 bn. As part of the sales network, 42 distributors and around 450 dealers have been appointed so far pan-India.

Speaking about the performance, Mr. B.K. Goenka, Chairman, Welspun Group, said, "Our emerging businesses are gaining traction. We are excited about our recently commissioned flooring solutions plant, which could provide tremendous growth opportunities in the domestic market as well as the export market. We have roped in Mr. Amitabh Bachchan as brand ambassador for our 'Welspun' brand, and our new campaign has received positive response. We will continue to pursue our differentiation strategy based on Branding, innovation and sustainability."

Shares of WELSPUN INDIA LTD. was last trading in BSE at Rs.57.15 as compared to the previous close of Rs. 51.8. The total number of shares traded during the day was 220626 in over 1596 trades.

The stock hit an intraday high of Rs. 58.15 and intraday low of 51.5. The net turnover during the day was Rs. 12353573.

Source: Equity Bulls

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