A narrative of resilience and reinvention
Dear stakeholders,
As I pen this message, I recollect the journey we have embarked upon
together at Welspun Living Limited. In an era marked by rapid change and unprecedented
challenges, our Company has adapted to new realities and thrived, while staying true to
our core values. The global economy has shifted dramatically in recent years, presenting
both obstacles and opportunities. Considering this backdrop, I am pleased to share our
progress and outline our vision for the future.
Navigating changing tides
In response to the evolving economic environment, we have made a
strategic decision to intensify our focus on retail clients. This pivot has proven to be a
masterstroke, enhancing our cost efficiency while simultaneously allowing us to strengthen
the support we offer our valued customers.
Our approach has been multifaceted. We have streamlined operations,
optimised supply chains, and leveraged technology to create a more agile business model.
This has improved our bottom line and positioned us to respond more swiftly to market
changes and customer needs. As we continue to deepen our engagement with clients, we are
witnessing stronger relationships and increased loyalty, creating a virtuous cycle of
growth and mutual success.
Domestic triumphs
I'm particularly proud to report that our Domestic Consumer business
achieved remarkable milestones this year. Our commitment to invest in marketing and
brand-building over the past few years is bearing fruit, solidifying our leadership
position in the home solutions market.
At the heart of our domestic success are our two power brands:
'Welspun' and 'SPACES'. These brands have become household names, synonymous with quality
and innovation. The Welspun brand, in particular, has achieved a distribution feat
unparalleled in our industry. Today, it stands as the most widely distributed Home Textile
brand in India, reaching over 500 towns through 20,282 outlets.
Looking ahead, we have set an ambitious target to expand our presence
to 50,000+ stores nationwide by FY27. This expansion will drive growth, create jobs and
support local economies, thereby contributing to the nation's overall development.
Export excellence
Along with our domestic market, our global footprint continues to
expand impressively with FY24 recording a 23% growth in annual exports.
Our success in international markets is built on a foundation of trust
and reliability, and our brand recognition. We have invested heavily in understanding the
diverse needs of the global markets and tailoring our offerings while maintaining the high
standard, Welspun is known for.
Leading with responsibility
We understand that business success is inextricably linked with
sustainability. As a result, we have made significant efforts to establish ourselves as a
responsible and sustainable business and have not gone unnoticed. I am proud to share that
we have achieved a commendable score of 66 in the latest Dow Jones Sustainability Index
rating. This year was also marked by the commissioning of our 30 MW solar plant including
floating solar plant at the Anjar facility. This investment now meets about 15% of the
facility's power requirements, reducing our carbon footprint and setting a new standard in
the industry.
Further, our corporate social responsibility (CSR) initiatives continue
to create positive ripples across various spheres, including healthcare, education,
sustainability, and women empowerment. Our SPUN project weaves together business success
with social responsibility. Through this initiative, we aim to craft livelihoods, preserve
traditional skills, and empower artisans.
No discussion of our achievements would be complete without
acknowledging the backbone of our success - our people. I'm thrilled to share that WLL has
been recognised and certified as a Great Place to Work by the GPTW Certification Agency.
Moreover, we have been ranked among the top 100 companies in India across all parameters.
Towards a confident future
As we reflect on our achievements and ongoing initiatives, I am filled
with a sense of pride and optimism. We are now stepping into a very exciting phase of
growth and prosperity, and it is one we are prepared for. Our successes across domestic
and international markets, coupled with our commitment to sustainability and community
development, give us the confidence and expertise to tackle the challenges and seize the
opportunities that lie ahead. This confidence is further strengthened by our financial
performance, with a notable improvement in our Return on Capital Employed (ROCE) from 5.7%
in FY23 to 14.6% in FY24, reflecting our strategic focus on efficiency and value creation.
As the textile industry undergoes a technological revolution driven by
smart fabrics, sustainable materials, and digital integration, our investments in research
and development enable us to remain at the forefront of innovation. We envision Welspun
products enhancing lives in homes across the globe, our sustainable practices setting new
industry benchmarks and our community initiatives creating lasting positive impact.
I would like to extend my heartfelt gratitude to our stakeholders viz.
customers, shareholders, financial partners, Board of Directors and Welspunites. Together,
we have achieved remarkable progress, and I look forward to our Company's bright future.
| Warm regards, |
| B. K. Goenka |
| Chairman |