Welspun India Ltd., part of the $2.3 bn Welspun Group, has recorded total income of Rs. 14,143 mn for the third quarter of fiscal 2018, as against Rs. 15,218 mn in the third quarter of fiscal 2017. The decrease was on account of a volume decline due to customer destocking coupled with goods and services tax impact on duty drawback. For the reported period, the company’s EBITDA reached at Rs. 2,687 mn in comparison to Rs. 3,673 mn in third quarter of 2017. EBITDA margins were adversely impacted by lower volumes as well as higher raw material costs.
It is the only Indian company to be ranked among top 3 in product-wise sustainability scores by Walmart. Profit before Tax stood at Rs. 1,070 mn compared to the Q3FY17 total of Rs. 1,888 mn. The company’s finance cost stood at Rs. 345 mn, 28 per cent lower y-o-y than Rs. 480 mn in the corresponding quarter of previous year. Depreciation was marginally lower at Rs. 1,272 mn as against Rs. 1,305 mn in the third quarter of fiscal 2017. Its net worth stood at Rs. 25,759 mn as on December 31, 2017 in comparison to Rs. 23,971 mn at fiscal 2017 end. Net debt totaled at Rs. 28,903 mn in comparison to Rs. 30,389 mn.
“We have been taking steps to be prepared for the future – in terms of our brands, channels, innovation, traceability solutions, sustainability initiatives and so many other areas. We believe we have built a solid foundation and are ready to enter the next trajectory,” BK Goenka, Chairman, Welspun Group, said.