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About Welspun India 2 Was an Exceptional Year for Your Milestones 4 Global Presence 6 Company SCHOOL WEAVING SUSTAINABILITY WELSPUN INDIA LIMITED ANNUAL REPORT 2015-16 FORWARD-LOOKING STATEMENT In this Annual Report, we have disclosed forward looking information to enable investors to comprehend our prospects and take investment decisions. This report and other statements - written and oral - that we periodically make contain forward looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried, wherever possible, to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised, although we believe we have been prudent in our assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should keep this in mind. We undertake no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise. CONTENTS The Welspun India Story 1-43 2015-16 About Welspun India 2 was an exceptional year for your Milestones 4 Global Presence 6 company. We delivered record Our Products and Solutions 8 sales, profits and expanded our Financial Highlights 14 Chairman’s Message 16 business in key growth markets. Sourcing Sustainably 18 We were ranked No. 1 among the Environment Management 20 Spun: Threads with a soul 22 ‘Top 15 Home Supplier Giants Our Strategy 24 to USA’ for the 4th consecutive Welspun 2.0 26 The People Edge 28 year. Our unmatched focus on Corporate Social Value 30 customer centricity, innovation Swachh Welspun Abhiyan 40 Awards & Recognition 42 and technology enabled us Corporate Information 43 to strengthen our leadership position. Governance Reports 44-106 Revenue up by EBIDTA Margin at Management Discussion and Analysis 44 Directors’ Report 64 13% YOY 26% UP BY 202 BPS Corporate Governance Report 94 Profit after tax up by EBIDTA up by Financial 30% YOY YOY Statements 107-205 20% Standalone 107 Consolidated 161 For more information please visit www.welspunindia.com 1 COMPANY OVERVIEW 2 STATUTORY REPORTS 3 FINANCIAL STATEMENTS Welspun India is guided by the belief that sustainability is about crafting material impact for its stakeholders and communities. This helps us understand the rapidly transforming market and prepares us to align our insight to build sustainable business models, communities and environment. As India implements significant initiatives focus on the 3Es - Our overall efforts reflect a policy measures for greater Education, Environment and higher purpose that goes social inclusion, our designs, Health and Empowerment. beyond our products and products, and initiatives Our objective is to seamlessly bottom line. are intertwined for our own integrate our weaves with sustainable future and the the lives of our community Our sustainable operations communities that we operate in. members. result in, not just better value for our stakeholders but also in We strongly believe in the By creating such experiences, improving the society around exciting synergies achieved we ensure our growth positively us and the communities that we from our sustainable business impacts livelihoods and serve. model. They ensure consistent environment. performance, optimal resource allocation and value creation for our stakeholders. Sustainability forms an intrinsic part of our DNA at Welspun India and does not just stop at having a business model that is strongly sustainable for times to come. It is reflected from sourcing cotton responsibly, to the multitude of environment- friendly practices in manufacturing and operations, to our initiatives under the SPUN project. Besides this, our Corporate Social Value (CSV) ABOUT WELSPUN INDIA A part of the US$ 3 billion Welspun Group, Welspun India Limited (WIL) is one of the world’s largest home textile manufacturer. Welspun India is a fully integrated one-stop shop for home textiles. Our product portfolio comprises of towels, bath robes, bath rugs/mats, area rugs, carpets, bed sheets, utility bedding and fashion bedding. With a distribution presence in Our presence across categories 34% more than 50 countries, WIL is helps in cross-selling and provides of FY16 sales was contributed also the largest exporter of home us with the competitive edge as a by innovative products textile products from India and has complete home solution provider developed/ owned by the to our clients. Major global markets company been consistently recognised by TEXPROCIL for last several years. for us constitute US, UK and During FY16 we also became the Europe. Welspun India actively largest exporter of bed linen from engages with emerging markets India. like India, Middle East and China and new markets like Australia, The Company has world-class During FY16 we became the Latin America and the Far East. manufacturing facilities at Anjar largest exporter of bed linen and Vapi in Gujarat. Centered on from India. excellence and transparency, WIL Our revenue growth is driven by has been a trusted partner to 18 volumes from existing and new of the top 30 global retailers such customers, new geographies, as Walmart, Costco, Bed Bath and new product categories and new Beyond, Target, Macy’s, Carrefour channels such as e-commerce, and so on. hospitality and healthcare. What makes us different FULLY INTEGRATED PRODUCT SUSTAINABLE SUPPLY CHAIN DEVELOPMENT BUSINESS MODEL We have a fully backward and & DESIGN Strongly reflected through our forward integrated supply INFRASTRUCTURE efforts right from sourcing cotton chain where we engage with We have state of the art design responsibly to environment the customers on various studios in Mumbai, Anjar, Vapi and friendly practices in manufacturing levels . New York. and operations. ENHANCED BUSINESS FOCUS ON INNOVATION CAPABILITIES TRANSFORMATION AND BRANDING We invested USD 380 mn ACROSS VALUE CHAIN Our customers are at the heart of from 2013-14 to 2015-16 for We are engaging with global our innovation philosophy. 34% modernisation, automation consulting firms to transform our of FY16 sales was contributed by and expansion of our facilities. value chain. innovative products developed/ This investment will help us owned by the company. We have in increasing the capacities 26 patents including pending ones. at required time in the future During FY16, the share of branded without investing too much in sales reached 13% in the overall upgradation. sales of the company. 2 | Welspun India Limited 1 COMPANY OVERVIEW 2 STATUTORY REPORTS 3 FINANCIAL STATEMENTS Few of our global retail partners UNITED STATES INDIA EUROPEAN UNION Bed Bath & Beyond, @Home, HomeTown, Auchan, Carrefour, JYSK, Costco, Home Depot Lifestyle, Shopper’s Stop, Kaufland, LIDL, Rusta Macy’s, Target, All major e-tailers Walmart 1000+ multi brand outlets UNITED KINGDOM ASDA, Debenhams, House of Frazer, John Lewis, Tesco, Sainsbury, Our definitive strengths Since 2005, our textile Welspun India is one of the Currently, our home textile business revenue has posted world’s largest home textile products are exported to over 22% CAGR. manufacturer and supplier. 50 countries and are sold by 18 out of the top 30 global retailers We have 26 global patents Our state-of-the-art such as Walmart, J C Penny and including pending ones. manufacturing facilities are Macy’s. located at Vapi and Anjar in We are certified as a ‘Women’s Gujarat, India. We are also the proud suppliers Business Enterprise’ by of towels to sports tournaments the US-based WEConnect Welspun India has been ranked such as the Wimbledon International. No. 1 among the ‘Top 15 Home Championship, 2015 Rugby Supplier Giants to USA’ for the World Cup and ICC World 1st Indian textiles Company to 4th consecutive year by Home & Twenty20 India 2016. be certified with the Egyptian Textiles Today, a leading industry Cotton Trade Mark. magazine. For the record, every 5th towel sold in the US is manufactured by Welspun India. Annual Report 2015-16 | 3 MILESTONES 2005 Welspun sets up its 2011 manufacturing facility at Anjar, Gujarat. Welspun India Ltd. raised INR 1,560 million through Qualified Institutional Placement. Conferred with Sustainability Award for Process Innovation by Indian Carbon Outlook. 1993 Welspun India sets up its 2008 manufacturing facility at Vapi, Marked our entry into the Rugs Gujarat. category. 2000 2010 Welspun USA incorporated Welspun India Ltd. as a wholly owned demerged its Sales and subsidiary of Welspun India Marketing and Investment Ltd. divisions into two separate companies – Welspun Global Brands Ltd. and Welspun Investments & Commercials Ltd., respectively. 1985 2006 Our journey began as Acquired Christy – the Welspun Winilon Silk most prestigious brand of Mills Pvt. Ltd., a synthetic towels in the UK. yarn business in India. 4 | Welspun India Limited 1 COMPANY OVERVIEW 2 STATUTORY REPORTS 3 FINANCIAL STATEMENTS 2016 Ranked No. 1 among the ‘Top 15 2014 Home Supplier Giants to USA’ for the 4th consecutive year by Home & Textiles Today, a No. 1 Home Textiles exporter leading industry magazine. to the US for the 2nd consecutive year. Expanded the sports portfolio to manufacture towels for Initiated backward Rugby World Cup and ICC T20 integration in Spinning
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