Iron & Steel Products company Welspun Corp announced FY24 results: Total Income surged to Rs 17,582 crore, marking a remarkable growth of 74% compared to FY23 figure of Rs 10,078 crore. EBITDA for FY24 soared to Rs 1,804 crore, exhibiting a substantial increase of 124% from FY23 value of Rs 805 crore. Profit After Tax (PAT) witnessed an extraordinary growth, skyrocketing to Rs 1,110 crore in FY24, which is 5.4 times higher than the FY23 figure of 207 crore. Return on Capital Employed (ROCE) significantly improved to 20% in FY24, reflecting a noteworthy increase of 1200 basis points (bps) from the FY23 level of 8%. Net Debt experienced a substantial reduction to Rs 387 crore in FY24, demonstrating a remarkable decline of 66% compared to FY23 value of Rs 1,138 crore. B. K. Goenka, Chairman, Welspun Group said, “I am pleased to share that we have satisfactorily surpassed our guidance for FY24 offsetting many global macroeconomic and geopolitical challenges. This was possible due to all round performance by our pipe solutions and building material verticals. Steady and consistent improvement has been witnessed in our new businesses. I am confident of significant improvement in our DI Pipes and Sintex businesses going forward backed by exponential growth opportunity in Water sector. Strong focus of the government on the infrastructure segment as a whole augurs well for our line pipes and steel businesses in India. Our overseas operations are also expected to continue performing satisfactorily backed by strong visibility. As we move forward, I see further ramp up in our new operations. From the laid out plans for our Sintex business, I see significant value creation for all our stake holders.” “Our focus on sustainability has been yielding fruits as we continue to achieve higher milestones and our latest DJSI ESG rating is a testimony of the same” he added. Result PDF
Iron & Steel Products company Welspun Corp announced Q3FY24 & 9MFY24 results: Consolidated Financials: Revenue from operations for Q3FY24 and 9MFY24 stood at Rs 4,750 crore (+98% YoY) and Rs 12,878 crore (+126% YoY) respectively. EBITDA for Q3FY24 and 9MFY24 recorded at Rs 471 crore (+170%) and Rs 1,391 crore (+332%) respectively. PAT for Q3FY24 jumped by more than 10x to Rs 292 crore, while for 9MFY24 it stood at Rs 842 crore against a loss of Rs 29 crore during the corresponding period previous year. Net debt reduced to Rs 503 crore at the end of 9MFY24 compared to Rs 1,837 crore at the end of 9MFY23 driven by strong free cash-flows from the businesses. ROCE for 9MFY24 stood at 15.7% (not annualized) compared to FY23 ROCE of 7.9%. Complete Pipe Solutions (India & US Line Pipes, DI Pipes, SS Pipes & Tubes): Sales volume of line pipe businesses in India and the USA for 9MFY24 rose 65% YoY. Order Book for Line Pipes in India and US stands at 575 KMT valued at ~Rs 7,200 crore. Our associate Company, EPIC in Saudi Arabia has a confirmed order book exceeding 2 years. Execution of recent Aramco order of SAR 1.8 billion started. Steady improvement in DI Pipes sales - 9MFY24 sales volume rose almost 10x YoY to 135 KMT. Stainless Steel Bars sales volume grew by 201% YoY to 12,294 MT while, Pipes & Tubes sales volume rose by 23% YoY to about 3,667 MT during 9MFY24. Building Materials (Sintex and TMT): WST sales volume in Sintex grew 11% YoY to 10,514 MT in 9MFY24, while TMT Rebars sales volume for 9MFY24 stood at 79 KMT as against 2 KMT during the same period last year. Sintex finalized its foray into Plastic Pipes segments- portfolio to include different types of PVC Pipes including CPVC, HDPE, UPVC, and OPVC. ESG: Achieved the highest rating (59) in ESG Performance by CRISIL ESG Ratings among peers. Moving towards sustainability goals by focusing on improving energy intensity, water intensity, and waste intensity. Got “ZERO waste to Landfill” certification by TUV NORD INDIA achieved for the Anjar facility. Tax transparency report published. I am glad to see that our strategic focus on key business segments has been helping us sail through turbulent global geopolitical tensions and macro-economic challenges. Operational and financial performances continued to remain strong for Q3 and 9MFY24. As per our planned strategy, we have finalised our foray into the plastic pipes segment, which provides us with a huge opportunity to leverage Sintex brand value. Looking at the strong growth opportunity we have finalized our investment in DI Pipes in the Middle East region. Along with the steady and improving performances in existing and new business, investment in future growth areas will help in significant value creation for our stakeholders.” said B. K. Goenka, Chairman, Welspun Group. “Highest ESG performance score by CRISIL among peer companies is a testimony to our commitment to sustainability” he added. Result PDF