Q4 2024 Welspun Living Ltd Earnings Call Transcript
Key Points
- Welspun Living Ltd (BOM:514162) achieved its highest ever quarterly revenues of INR2,617 crores in Q4 and highest annual revenue of INR9,825 crores, growing by 19% in Q4 and 20% in FY24.
- The company has been recognized as a great place to work by GPTW Certification Agency and secured a score of 66 in the Dow Jones Sustainability Index, placing it among the top three percentile of home textile companies globally.
- Exports grew by 23% in FY24, with the US market showing strong buying trends, and India strengthening its market share in exports to the USA.
- The domestic business showed resilience with a 12% year-on-year growth in Q4, achieving its highest annual revenues of INR571 crores despite challenging market conditions.
- Emerging businesses, including domestic consumer business, Global Brand, Advanced Textiles, and Flooring, grew 26% in Q4 and 16% in FY24, contributing 33% of total revenues.
- The retail sector demand in India remained muted during Q4 due to lower consumer spending, especially in discretionary categories.
- The flooring business growth rate was only 2.2% in Q4, impacted by the Red Sea issues, which increased voyage time and container prices.
- The global economic sentiment remains muted due to ongoing geopolitical skirmishes and trade disruptions, affecting overall business operations.
- The company’s net debt stood slightly higher than guidance at INR1,354 crores as of March '24, due to increased working capital requirements.
- The effective tax rate for FY24 was about 30%, higher than the consolidated current tax charge of 12.5%, due to deferred tax charges and one-off adjustments.
Ladies and gentlemen, good day, and welcome to Welspun Living Q4 FY24 earnings conference call, hosted by Antique Stockbroking. (Operator Instructions)
Please note that this conference is being recorded. I now hand the conference over to Mr. Biplab from Antique Stockbroking. Thank you, and over to you, sir.
Thank you, Steve. Good afternoon, everyone, and welcome to the Q4 FY24 earnings call of Welspun Living Limited, hosted by Antique Stockbroking. Today, we have with us the management of the company represented by Ms. Dipali Goenka, Managing Director and CEO; Mr. Sanjay Gupta, CFO; and Mr. Salil Bawa, Head, Group IR.
Without further ado, let me hand over the call to Ms. Goenka. Over to you, ma'am.
Good afternoon, everyone, and it is indeed a pleasure having you joining us today for highlights for Q4 FY24. I would like to share some
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