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Well on Track Well on track Annual Report FY 2017-18 Contents COMpaNY OVERVIEW 01-31 1 01 Well On Track 02 Innovation-driven leadership 04 Brand Portfolio 06 WIL’s products & solutions 08 Moments that we cherish 10 Extending reach globally 12 Chariman’s message 16 Financial performance 18 Priorities on track 22 Well on track to reinforce integrity 24 Well on track to strengthen brands 26 Well on track to craft fabulous innovation 28 Investing in talent management 30 Sustainability and community well being StatUTORY REPORts 32-89 Scan this code with a QR reader 2 32 Management Discussion and Analysis app on your smart phone or tablet 54 Director’s Report and know more about us 82 Corporate Governance Report FINANCIAL StateMENts 90-234 2017-18 Highlights 3 91 Standalone Financial Statements 159 Consolidated Financial Statements `61,318 Mn TOtaL INCOME `12,046 Mn EBITDA `3,850 Mn Profit After Tax (After Minority interest) `3.83 EPS Well on track We believe, leadership is all about questioning the status quo, navigating the next, setting new trends and moving beyond them. It is also about placing the customer and his/her aspirations at the heart of all strategy. Our decades-rich track record validates this corporate philosophy. We have always crafted new pathways of progress on the strength of innovation, refreshed brands strategy and early adoption of emerging technologies. During the year, we continued to expand our market presence, drive the innovation engine, strengthen our brands and elevate our operational benchmarks. Our agenda of talent development, community empowerment and sustainability also remained high on the radar. Supported by imagination and insight, ahead-of-the-curve technology, passionate teamwork, and Welspun 2.0 values at the core of our business strategy, we are well on track... To accomplish our Vision 2022 roadmap. Annual Report 2017-18 Innovation-driven leadership FOR OVER THREE DECADES, WE ARE CONTINUOUSLY WEAVING A WIDE RANGE OF INNOVATION, SUPPORTED BY STRONG LEADERSHIP AND A ROBUST DISTRIBUTION NETWORK. WE ARE INDIA’S LARGEST EXPORTER OF HOME TEXTILE PRODUCTS, OFFERING A DIVERSIFIED PRODUCT PORTFOLIO. WIL, part of the US$ 2.3 billion Welspun Group, is the world’s largest home textile player with presence including the US, Europe, Australia, in bed, bath and flooring segments. Japan, China and the Middle East, With a distribution network in more apart from the domestic market. than 50 countries and world-class manufacturing facilities in India, WIL Our omni-channel capabilities are supplies to 17 of the top 30 global enabling us to expand our reach retailers. The Company is the largest across e-commerce platforms. We exporter of home textile products also continue to strengthen our from India. relationships with hospitality and healthcare segments. WIL is well A differentiated end-to-end solutions on track to meet the changing provider in home textiles, WIL has consumer preferences, driven presence in multiple geographies, by its differentiation strategy based on branding, innovation, sustainability and patented traceability solution, along with sustained focus on the domestic market. 02 Company Overview Statutory Reports Financial Statements Key Operational differentiators highlights Leading market player with a wide product range 19% growth in domestic retail business Vertically integrated presence with significant Christy – 70% growth in the e-commerce business capabilities Launched Wel-Trak – industry defining traceability Global distribution network with reputed clients solution Diversified brand portfolio Added four more innovations during the year Culture of innovation Long-term credit rating upgraded to ‘AA’ Sustainable business practices Consistent focus on free cash flow Experienced Board and management with a proven track record Definitive strengths One of the largest home textile companies globally, with presence in bed, bath and flooring segments Ranked #1 in Home Textile Supplier Giants to USA by Home & Textiles Today magazine for 5 times in the preceding 6 years Exports home textile products to over 50 countries Supplier to 17 of the top 30 global retailers Uniquely positioned for cross-selling due to customer reach, competitive manufacturing and global delivery model Every 5th towel and every 10th bedsheet sold in the US is manufactured by WIL Since 2005, WIL’s textile business has posted a 22% CAGR revenue growth 30 unique innovations introduced globally, enabling industry leadership 03 Annual Report 2017-18 Brand Portfolio THE BRAND SPECTRUM WIL offers exciting home textile brands for discerning customers around the world. These brands have their own unique characteristics and winning edge. These comprise premium and luxury segment, products inspired by high-tech innovation, interactive products based on technology and licensed products. Premium Comforting & Luxury Innovation Launched in 2004, ‘Spaces’ is an outcome of WIL’s Hygrocotton® is a patented spinning technology global design expertise and innovation excellence. that uses a hollow core cotton yarn. The fabric made The wide range of bed linen, bath products and from Hygrocotton® is ultra-soft, ultra- absorbent and other home furnishing accessories are a perfect plumps up after every wash, thus keeping its soft and combination of trendy, bold designs married with plush feel. innovative superior quality for comfort living. ‘Spaces’ Hygrocotton® also helps to regulate the temperature makes a house feel like home as it appeals to the of the fabric, keeping it cool in the summers and aspirations of home-owners. The brand is focussed warm in the winters, which makes it an ideal sheeting on tapping domestic market and has presence in product. Sheets and towels made from Hygrocotton® more than 200 shop-in-shops like Shoppers Stop, are extremely popular in all markets. The technology Lifestyle, Home Town and @home. has good traction in hospitality and domestic market. Nanocore® technology prevents dust mites and other allergens from entering. The technology has received Asthma and Allergy free certification for bedding products in US, post stringent testing. With a legacy of 150 years, Christy is one of UK’s largest and best-known brands, offering a wide range of luxury towels, bed linen and home Welspun’s patented Wel-Trak™ process, accessories. Known for its craftmanship, Christy is supplemented by scientific traceability from Oritain™, inspired by innovation, luxury, integrity and trust. is the most comprehensive end-to-end fiber tracking Christy has also been introduced in US, China and process. Wel-Trak™ allows consumers to track the Middle East. fiber used in the product to the farm where it was produced. 04 Company Overview Statutory Reports Financial Statements Interactive Sustainability Textiles & Empowerment ‘Tilt’ is a new brand of WIL that focuses on seamless Spun combines Welspun India’s highly evolved integration of smart technology with home textiles. design with traditional weaves and printing styles. It is secured under the Interactive Textile Article and It is an initiative focused on reviving crafts of the Augmented Reality System patent, which augments country and empowering women, artisans, farmers reality home décor. The first product, ‘SpinTales’, and weavers. Spun has a slew of handcrafted is an interactive and innovative bed set and rug textiles including quilts, decorative pillows and other for kids aged three and above. With innovative bedding accessories. technology, a free app designed for the duvet cover and rug allows the user to experience adventures in augmented reality and engage in interactive games. Coveted Licenses 05 Annual Report 2017-18 WIL’s Products & Solutions Towels WIL manufactures an extensive variety of towels to suit the requirements of different customers. The product range includes wash cloths, face towels, hand towels, bath towels, bath sheets and beach towels. Our strength We are the leading supplier of bath towels in the US. Every 5th towel sold in the US today is manufactured by WIL. Bedding solutions WIL focuses on improving customer experience with innovative bedding solutions. Utility Bedding Our strength WIL manufactures pillow fillers, mattress pads and A wide product and down-alternative filled brand portfolio, comforters at its Anjar backed by WIL’s facility in Gujarat. The range also includes fashion core unmatched design comforters in solid and capabilities and stripes. innovation, makes it a complete bedding Bed Sheets Fashion solutions provider. WIL’s bed sheets are available in solid-colour flat Bedding WIL’s trend savvy design and fitted sheets, damask studios develop unique stripes, intricate jacquards printed and woven textured and woven dobby patterns, patterns for bedrooms. across all thread counts in cotton and blended yarn/ fabric, giving each sheet a unique character. 06 Company Overview Statutory Reports Financial Statements Rugs and Carpets WIL added bath rugs manufacturing facility with an annual capacity of 8 million pieces in 2009. Later, the Our strength Area Rugs category was added. With Multi-fibre capabilities, machine tufting and hand tufting focussing on capabilities, WIL manufactures cotton, nylon, polyethylene terephthalate worldwide consumer (PET) and polyester filament-based requirements related Drylon and Resilon yarn rugs and the to Area Rugs and bi-component fibre rugs called Kushlon. The Area rugs are design intensive Carpets. and add a style quotient to corners and places. Flooring Solutions Welspun Flooring is planned to be a fully integrated and independent flooring
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