Welspun India Ltd

About [ edit ]

Welspun India Limited, part of the US$ 2.7 billion Welspun Group, is one of the largest home textile manufacturers in the world. The Company offers a wide spectrum of Home & Technical textile products and Flooring solutions. The Company has established itself as a thought leader within the home textile industry over the years and continue to focus on the enablers viz. Innovation, Branding and Sustainability to consolidate its leadership position. #

It manufactures a wide range of home textile products ranging from towels, bath robes to sheets, tob and basic& fashion bedding. It also entered into the business of carpets flooring solutions recently. #

Key Points [ edit ]
  • Market Cap 9,399 Cr.
  • Current Price 93.6
  • High / Low 95.0 / 23.8
  • Stock P/E 19.0
  • Book Value 33.0
  • Dividend Yield 1.07 %
  • ROCE 13.0 %
  • ROE 16.3 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 17.04%

Cons

  • Stock is trading at 2.83 times its book value
  • The company has delivered a poor sales growth of 5.07% over past five years.
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,506 1,549 1,780 1,640 1,557 1,728 1,825 1,571 1,617 1,202 1,974 2,029
1,243 1,253 1,479 1,407 1,349 1,365 1,434 1,366 1,368 978 1,588 1,631
Operating Profit 264 296 301 234 209 363 391 205 249 224 386 398
OPM % 18% 19% 17% 14% 13% 21% 21% 13% 15% 19% 20% 20%
Other Income 29 29 7 -12 -180 8 12 78 47 14 19 21
Interest 38 34 37 40 48 37 34 46 61 41 36 56
Depreciation 130 106 108 112 110 109 114 132 125 111 115 114
Profit before tax 124 185 162 69 -129 224 255 104 110 86 254 249
Tax % 28% 28% 25% 28% 39% 30% 21% 28% 18% 38% 26% 30%
Net Profit 87 127 115 47 -79 150 199 73 86 49 180 181
EPS in Rs 0.86 1.27 1.14 0.47 -0.79 1.49 1.98 0.73 0.85 0.49 1.79 1.80

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,571 1,786 2,102 3,197 3,618 4,337 5,264 5,924 6,638 6,050 6,527 6,741 6,822
1,557 1,641 1,871 2,816 3,022 3,416 3,987 4,328 5,071 4,927 5,487 5,526 5,565
Operating Profit 14 146 231 380 596 921 1,278 1,595 1,566 1,123 1,039 1,215 1,257
OPM % 1% 8% 11% 12% 16% 21% 24% 27% 24% 19% 16% 18% 18%
Other Income 154 295 41 -48 44 104 91 88 -367 81 -157 139 101
Interest 124 109 108 192 198 235 283 237 158 141 159 178 195
Depreciation 109 113 120 138 145 686 333 372 505 504 436 481 464
Profit before tax -65 219 44 3 298 104 753 1,074 536 560 287 694 699
Tax % 11% 26% 93% 637% 25% 19% 28% 30% 32% 29% 21% 24%
Net Profit -77 161 1 -13 225 92 540 736 358 385 210 507 495
EPS in Rs 0.02 -0.15 2.25 0.92 5.37 7.33 3.56 3.83 2.09 5.05 4.93
Dividend Payout % 0% 5% 0% 0% 18% 33% 20% 18% 18% 17% 14% 20%
Compounded Sales Growth
10 Years:14%
5 Years:5%
3 Years:1%
TTM:2%
Compounded Profit Growth
10 Years:11%
5 Years:-3%
3 Years:-11%
TTM:58%
Stock Price CAGR
10 Years:33%
5 Years:0%
3 Years:18%
1 Year:288%
Return on Equity
10 Years:21%
5 Years:22%
3 Years:15%
Last Year:16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
78 78 94 89 100 100 100 100 100 100 100 100 100
Reserves 366 443 575 643 890 1,009 1,331 1,870 2,297 2,505 2,679 2,872 3,219
Borrowings 1,872 1,681 1,738 1,962 2,028 3,029 3,085 3,248 3,311 3,281 3,310 3,521 2,784
433 372 484 841 840 1,029 1,178 1,258 1,550 1,301 1,593 1,701 1,870
Total Liabilities 2,744 2,569 2,886 3,536 3,858 5,168 5,695 6,476 7,258 7,187 7,682 8,194 7,973
1,667 1,544 1,560 1,676 1,807 2,028 2,627 3,348 3,689 3,460 3,306 3,933 3,870
CWIP 105 27 55 123 54 532 156 183 56 83 489 58 65
Investments 31 15 101 121 93 111 142 29 126 128 127 244 376
941 982 1,170 1,616 1,903 2,496 2,770 2,916 3,387 3,516 3,761 3,959 3,662
Total Assets 2,744 2,569 2,886 3,536 3,858 5,168 5,695 6,476 7,258 7,187 7,682 8,194 7,973

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
147 85 228 417 371 551 939 1,328 832 545 807 777
-184 -117 -314 -136 -154 -931 -606 -801 -715 -300 -540 -458
27 -1 92 -223 -150 420 -325 -620 -99 -250 -232 -269
Net Cash Flow -10 -33 6 58 66 40 8 -93 18 -5 35 51

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 2% 15% 7% 11% 18% 9% 24% 27% 21% 12% 11% 13%
Debtor Days 33 37 25 28 28 35 31 52 53 56 60 59
Inventory Turnover 2.08 2.74 3.28 3.10 2.62 2.61 2.52 2.53 2.51 2.26 2.50 2.28

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
68.48 68.48 68.48 68.48 68.48 68.48 68.48 68.89 68.89 70.00 70.00 70.00
7.03 6.96 7.98 8.30 8.69 8.64 8.22 5.18 4.97 5.02 5.64 5.90
8.12 10.16 10.24 10.31 9.10 9.90 10.22 8.61 8.45 7.80 7.36 7.25
16.37 14.40 13.30 12.91 13.73 12.98 13.08 17.32 17.69 17.18 17.00 16.85

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