Welspun Living FY24 Results: ₹9,825 Cr Revenue, 15.4% EBITDA

Key takeaways from FY24 and Q4

Welspun Living reported its highest-ever quarterly and yearly revenue for Q4 FY24 and FY24, supported by growth in exports and emerging businesses. For Q4 FY24, revenue stood at ₹2,616.7 crore, up 19.2% year-on-year. For FY24, revenue rose 19.6% year-on-year to ₹9,825.1 crore. The company also reported a sharp improvement in operating profitability, with FY24 EBITDA margin at 15.4%. Alongside performance, Welspun Living outlined capacity expansion plans at its Anjar facility and highlighted distribution growth in India.

Q4 FY24: revenue growth and profit metrics

In Q4 FY24, Welspun Living posted revenue of ₹2,616.7 crore, with EBITDA of ₹400.1 crore at a 15.3% margin. Profit before tax (PBT) for the quarter was ₹252.1 crore, while profit after tax (PAT) came in at ₹146.0 crore. Cash profit for Q4 FY24 was reported at ₹429.6 crore. The company’s quarterly numbers also showed year-on-year growth across profit lines, with PBT up 45.5% and PAT up 16.4%.

FY24: record annual revenue and margin expansion

For FY24, Welspun Living’s revenue was ₹9,825.1 crore and EBITDA was ₹1,514.7 crore, with EBITDA margin at 15.4%. FY24 PBT stood at ₹966.8 crore and PAT at ₹681.1 crore, alongside cash profit of ₹1,239.8 crore. The FY24 disclosure also showed significant year-on-year expansion in profitability metrics, including a 478 bps expansion in EBITDA margin. The company said ROCE improved to 14.6% from 5.7% in the previous year.

Balance sheet snapshot: net worth and net debt

As of March 31, 2024, Welspun Living reported net worth of ₹4,515.8 crore, compared with ₹4,087.8 crore as of March 31, 2023. Gross debt as of March 31, 2024 was ₹2,520.5 crore, while cash and cash equivalents were ₹1,166.3 crore. Net debt stood at ₹1,354.2 crore as of March 31, 2024, lower than ₹1,534.3 crore as of March 31, 2023. Total assets were reported at ₹9,550.0 crore as of March 31, 2024.

Exports, domestic reach, and emerging businesses

Welspun Living reported export business sales of ₹7,532.9 crore in FY24, describing export growth of 23% in the year. The brand’s domestic distribution footprint expanded to 20,282 outlets, with the company noting an increase of 9,112 outlets in FY24 and presence in over 600 towns. Emerging businesses including domestic consumer, branded, advanced textiles and flooring grew 16% in FY24, contributing 33% to total consolidated sales. For the domestic consumer business, Q4 FY24 revenue was ₹138.2 crore and FY24 revenue was ₹570.7 crore.

Flooring and innovation: what the company reported

Welspun Living reported FY24 flooring business revenue of ₹926.9 crore with EBITDA margin of 8.3%, describing it as the highest-ever yearly revenue for the segment and a 31.4% year-on-year growth. For Q4 FY24, flooring revenue was ₹212.9 crore with EBITDA margin of 8.6%. The company also said its innovation business grew 75% year-on-year in Q4 FY24 and 65% year-on-year in FY24.

Capacity expansion: jacquard towel plant at Anjar

Welspun Living disclosed an expansion of jacquard towel capacity through a new plant at Anjar. The plant is planned to add 6,400 MTPA of capacity with an investment of ₹400 crore. The company said the plant is targeted to be operational by November 2024. It also linked the project to growth in categories such as beach and fashion towels, kitchen, and bath robes, and cited the US market size for beach and fashion towels at USD 3 billion.

Capex and manufacturing scale

The company reported FY24 capex of ₹275.4 crore, stating the spending was primarily towards setting up a 30 MW solar power plant at the Anjar facility, which it said has been commissioned. It also disclosed annual manufacturing capacity across product categories, including 90,000 MT of bath linen and 108 million meters of bed linen. In addition, the company listed capacity for rugs and carpets at 12 million square meters and wet wipes at 100 million packs.

ESG and governance disclosures

Welspun Living said it achieved the highest score in the DJSI CSA ESG Rating 2023 in the textile category in India, with a score improvement from 59 to 66. In its broader ESG highlights, it stated 76% cotton used was from sustainable sources in FY25 and reported zero waste-to-landfill at the Anjar facility until FY25. It also noted workforce and community indicators, including 29% women in the workforce and 11 lakh+ community members impacted.

Summary table of reported FY24 and Q4 FY24 numbers

Market impact and why these numbers matter

The FY24 disclosures point to a combination of revenue growth and operating margin expansion, with EBITDA rising faster than revenue. The company’s reported reduction in net debt from ₹1,534.3 crore (March 31, 2023) to ₹1,354.2 crore (March 31, 2024) indicates a stronger balance sheet position alongside capex. Segment disclosures also show that flooring scaled up revenue while maintaining single-digit EBITDA margin, and that emerging businesses formed a larger share of consolidated sales. Separately, the jacquard towel capacity addition is tied to a clearly stated commissioning timeline of November 2024 and an incremental capacity figure of 6,400 MTPA.

Management commentary

Welspun Living’s Managing Director and CEO Dipali Goenka said the company delivered its highest quarterly and yearly revenues in Q4 and FY24, reported FY24 EBITDA margin of 15.4%, and cited improvement in ROCE to 14.6%. The company also flagged distribution expansion to 20,000+ stores and highlighted its DJSI score of 66 placing it among the top 3 percentile of home textile companies globally, as stated in its disclosure.

Conclusion

Welspun Living’s FY24 update combines record revenue, a higher EBITDA margin, and lower net debt at the year-end. The near-term operational milestone to watch, based on the company’s disclosure, is the commissioning of the Anjar jacquard towel plant by November 2024 and how this capacity addition feeds into product expansion and export demand.