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Axis Securities Report
Welspun India Ltd. posted a weak set of numbers for the quarter as company's performance missed our expectations on all fronts.
The company's revenue for the quarter stood at Rs 2,418 crore (against our estimate of Rs 2585 crore) as compared to Rs 2488 crore in Q3 FY21, reporting a growth of 19.2% YoY.
Welspun India's reported Ebitda came in at Rs 311 crore (against our estimate of Rs 408 crore), a down 22% YoY decline. The company's reported Ebitda margin came in at 12.9 % (against our estimate – 15.8%), a 670 bps YoY contraction from 19.6% in Q3 FY22.
The company witnessed de-growth in tradition home textile portfolio but the growth in new flooring segment looks promising and we expect this to be a key driver of future revenues.
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