WELSPUNLIV · Textiles
Welspun Living Ltd. reported revenue of ₹2,646 cr for January to March 2025, +2.8% on the year and +6.3% on the quarter. Over the last four quarters revenue comes to ₹10,545 cr, +8.9% on the four before.
Operating profit (EBITDA) was ₹316 cr, a margin of 11.9%, −200 bps on the year and +70 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.2% to 14.3%, averaging 13.2%. Operating costs grew +5.1%, faster than revenue at +2.8%, so operating profit grew less than sales.
Net profit was ₹133 cr, +1.5% on the year and +8.1% on the quarter, with earnings per share of ₹1.37. Profit before other income, one-offs and tax fell 21.0%, so 22 points of the headline growth came from outside the core business. The tax rate was 21% against an average of 28% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹644 cr, −4.3% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹6.64 over the last four quarters, the stock at ₹219.69 trades at 33.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 21.0% against 31.3% over the previous quarters, worth about ₹17.2 cr of profit.
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +1.5% on the year; profit before other income, exceptional items and tax −21.0%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 11.9%, −200 bps on the year (+70 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,411 cr | ₹2,575 cr | ₹2,536 cr | ₹2,873 cr | ₹2,490 cr | ₹2,646 cr | ₹2,261 cr | ₹2,441 cr | ₹2,262 cr | ₹2,435 cr | ₹2,795 cr | ₹2,838 cr |
| YoY | — | — | +16% | +15% | +3% | +3% | −11% | −15% | −9% | −8% | +24% | +16% |
| EBITDA margin | 14.1% | 13.9% | 13.5% | 12.5% | 11.2% | 11.9% | 10.0% | 6.3% | 7.1% | 10.2% | 11.5% | 11.9% |
| Other income, % of PBT | 18% | 17% | 21% | 23% | 24% | 1% | 23% | 63% | −36% | 13% | 15% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 48% | 27% | 28% | 22% | 21% | 28% | 38% | — | 15% | 26% | 25% |
| Net profit | ₹179 cr | ₹131 cr | ₹186 cr | ₹202 cr | ₹123 cr | ₹133 cr | ₹89.0 cr | ₹15.0 cr | ₹3.0 cr | ₹106 cr | ₹163 cr | ₹170 cr |
| YoY | — | — | +14% | +1% | −31% | +2% | −52% | −93% | −98% | −20% | +83% | +1,033% |
| Core profit YoY | — | — | +9% | −4% | −39% | −21% | −53% | −96% | −84% | −34% | +96% | +2,133% |
| EPS | ₹1.82 | ₹1.50 | ₹1.91 | ₹2.10 | ₹1.26 | ₹1.37 | ₹0.91 | ₹0.14 | ₹0.00 | ₹1.08 | ₹1.70 | ₹1.79 |
| Flags | · | · | ✓ | 2 | 2 | 2 | 1 | 2 | 1 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Welspun Living Ltd. reported revenue of ₹2,646 cr (+2.8% on the year) and net profit of ₹133 cr (+1.5% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −21.0% on the year, against +1.5% for reported profit.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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