Welspun Living Ltd Share Price – NSE  /  BSE

Textiles, Small Cap

The Board of Welspun Living at its meeting held on 25 April 2024 has approved selling of 19% of equity shares of Welspun Global Services (WGSL) and Welspun Transformation Services (WTSL) held by the Company to Aryabhat Vyapar, a company which is a part of the Company's promoter group. Shares of WGSL will be sold for the consideration of Rs. 0.23 crore and shares of WTSL will be sold for the consideration of Rs. 1.41 crore.

Both WGSL and WTSL are related parties of the Company. They are carrying on the business of, inter alia, provided shared services support to Welspun Group companies.

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The Board of Welspun Living at its meeting held on 25 April 2024 has approved restructuring of overseas subsidiaries.

As part of the as part of the overall strategy of the Company to make the structure of the Company leaner and transparent and reduce the doubling of operational administrative expenses and compliances, the Company intended to reduce number of entities (direct and indirect subsidiaries of the Company) and further eliminate non-operational entities.

Accordingly, as part of first phase, the Board of Directors of the Company had on 31 July 2023 approved the a scheme of amalgamation providing for amalgamation of Anjar Integrated Textile Park Developers, Anjar Terry Towels, Besa Developers and Infrastructure, Welspun Zucchi Textiles and Welspun Flooring, wholly owned subsidiaries with itself. Post obtaining the requisite approvals, the said amalgamation was made effective on 09 April 2024.

As part of the next phase, the Board has after deliberations, considered, and approved the following:

- Liquidation of entities in United States of America namely, TILT Innovations Inc., Welspun Nexgen Inc., and Christy Lifestyle LLC.

- Formation of Overseas Restructuring Committee comprising of Mr. Altaf Jiwani and, Wholetime Director and Sanjay Gupta, Chief Financial Officer to consider, examine and evaluate the proposals to liquidate / deregister / dissolve / wind up the non-operational entities in other foreign jurisdictions namely United Kingdom, Cyprus, Mauritius and Mexico and to implement the most efficient option in accordance with applicable laws and compliances required.

The entities referred to above presently do not have any business operations and are not material subsidiary of the Company. Hence the Board of Directors of the Company does not envisage any impact on the existing operations of the Company pursuant to this exercise.

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The Board of Welspun Living at its meeting held on 25 April 2024 has approved the appointment of Naiyya Saggi, holding Director Identification Number 06755099, as an Independent Director of the Company for her first term of 4 (Four) years from 25 April 2024.

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Net profit of Welspun Living rose 16.44% to Rs 146.00 crore in the quarter ended March 2024 as against Rs 125.39 crore during the previous quarter ended March 2023. Sales rose 19.56% to Rs 2575.24 crore in the quarter ended March 2024 as against Rs 2153.90 crore during the previous quarter ended March 2023.

For the full year,net profit rose 242.55% to Rs 681.10 crore in the year ended March 2024 as against Rs 198.83 crore during the previous year ended March 2023. Sales rose 19.59% to Rs 9679.24 crore in the year ended March 2024 as against Rs 8093.76 crore during the previous year ended March 2023.

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