Table of Contents

Welspun Corp Ltd

Updated on November 12, 2024

Stock/Share Code - WELCORP

Welspun Corp is engaged in the business of Production and Coating of High Grade Submerged Arc Welded Pipes, Hot Rolled Steel Plates and Coils.

Below is the details of WELCORP Welspun Corp Ltd

Market Cap	₹2,806 Cr.
Current Price	₹199.25 as on 23 Mar 23
52 Week High / Low Price	₹233.95 / ₹55
Face Value	₹5
Stock P/E	4.20
Book Value	₹59.81
Dividend Yield	9.76 %
ROCE	23.28 %
ROE	17.97 %
Sales Growth (3yrs)	-0.71 %
Sector	Steel
Industry	Steel - Medium / Small
Listed on	BSE AND NSE
Company Website	Company Website

Pros: Stock is providing a good dividend yield of 9.76%. Company is expected to give good quarter Company has delivered good profit growth of 53.94% CAGR over last 5 years Company has been maintaining a healthy dividend payout of 35.97% Debtor days have improved from 71.00 to 49.08 days.

Cons: Promoter holding has decreased by -1.54% over last quarter The company has delivered a poor growth of -2.98% over past five years. Company has a low return on equity of 6.49% for last 3 years. Contingent liabilities of Rs.3430.04 Cr. Earnings include an other income of Rs.742.88 Cr.

Welspun Corp Ltd Price Chart

Welspun Corp Ltd Peer Comparison in Steel

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Qtr Sales Var %	Sales Qtr Rs.Cr.	ROCE %
1.		18.69	₹5,504.09 Cr.	1.02	₹49.71 Cr.	-20.74	-1.63	578.07	24.08
2.	Mishra Dhatu Nig		24.71	₹3,906.98 Cr.	0.48	Cr.
3.	Welspun Corp		4.20	₹2,805.81 Cr.	9.76	₹553.11 Cr.	259.65	93.02	1039.09	23.28
4.	Apollo Tricoat		36.50	₹1,734.62 Cr.	0.00	₹8.96 Cr.	142.82	230.61	170.99	27.05
5.	Mah. Seamless		6.58	₹1,537.64 Cr.	1.09	₹19.17 Cr.	-75.21	-34.07	458.98	11.12
6.	Godawari Power		6.45	₹1,063.43 Cr.	0.00	₹46.49 Cr.	-14.52	-14.74	711.25	16.39
7.	Kalyani Steels		8.54	₹933.45 Cr.	2.34	₹8.77 Cr.	-76.04	-64.71	121.19	18.55
8.	Sarda Energy		7.53	₹903.21 Cr.	2.00	₹35.47 Cr.	-15.67	-37.43	347.40	7.83

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Welspun Corp Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
Sales -	1,301	1,425	809	985	1,089	856	1,207	538	831	1,453	1,431	1,039
YOY Sales Growth %	127%	53%	-52%	-24%	-16%	-40%	49%	-45%	-24%	70%	19%	93%
Expenses -	1,263	1,338	758	948	1,077	829	1,454	596	814	1,293	1,303	942
Material Cost %	81%	79%	72%	75%	76%	74%	83%	71%	68%	71%	64%	67%
Employee Cost %	4%	4%	4%	4%	4%	5%	5%	8%	6%	3%	4%	4%
Operating Profit	38	87	51	37	12	27	-248	-58	17	160	128	97
OPM %	3%	6%	6%	4%	1%	3%	-21%	-11%	2%	11%	9%	9%
Other Income	38	17	37	51	40	37	19	294	39	19	50	635
Interest	44	27	26	25	31	31	31	29	28	28	27	23
Depreciation	62	59	27	30	29	29	25	28	34	32	30	24
Profit before tax	-30	18	36	33	-8	5	-285	179	-5	120	120	685
Tax %	39%	41%	40%	35%	-39%	253%	1%	14%	-54%	42%	55%	19%
Net Profit	-19	10	22	21	-11	-7	-281	154	-8	69	54	553
EPS in Rs	-0.70	0.39	0.82	0.80	-0.39	-0.27	-9.69	5.80	-0.32	3.05	2.06	21.20
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
Sales -	5,748	6,596	6,270	5,770	6,632	4,868	4,949	3,772	4,346	4,020	4,136	4,253	4,754
Sales Growth %	48.98%	14.77%	-4.94%	-7.98%	14.95%	-26.61%	1.67%	-23.77%	15.20%	-7.51%	2.91%	2.83%
Expenses -	5,281	5,514	5,504	5,481	6,257	4,620	4,666	3,610	3,844	3,696	4,056	3,977	4,352
Material Cost %	73%	68%	71%	74%	74%	74%	82%	75%	73%	76%	78%	68%
Manufacturing Cost %	14%	9%	8%	12%	13%	8%	6%	9%	10%	8%	10%	14%
Employee Cost %	2%	2%	3%	3%	3%	3%	4%	5%	4%	4%	5%	5%
Other Cost %	2%	4%	6%	5%	4%	10%	4%	7%	2%	3%	6%	6%
Operating Profit	467	1,082	766	289	375	247	283	163	502	324	81	277	402
OPM %	8%	16%	12%	5%	6%	5%	6%	4%	12%	8%	2%	6%	8%
Other Income	264	87	94	219	224	175	147	108	213	128	-105	372	743
Interest	252	213	168	247	299	224	213	201	207	131	118	111	106
Depreciation	125	148	166	184	229	226	243	248	244	116	113	123	119
Profit before tax	354	809	526	76	72	-28	-26	-179	264	205	-255	414	920
Tax %	34%	33%	31%	15%	26%	36%	38%	31%	34%	39%	-9%	35%
Net Profit	234	540	364	65	53	-18	-16	-123	175	126	-277	268	667
EPS in Rs	12.26	26.11	17.48	2.77	1.93	0.00	0.00	0.00	6.58	4.74	0.00	10.28	25.99
Dividend Payout %	12%	8%	11%	18%	25%	-75%	-84%	-11%	8%	11%	-5%	102%

Compounded Sales Growth

10 Years:: -4.29%
5 Years:: -2.98%
3 Years:: -0.71%
TTM:: 28.85%

Compounded Profit Growth

10 Years:: -6.16%
5 Years:: 53.94%
3 Years:: 28.29%
TTM:: 561.11%

Return on Equity

10 Years:: -7.61%
5 Years:: -0.54%
3 Years:: -7.97%
1 Year:: -11.15%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Share Capital -	93	102	102	114	131	131	132	133	133	133	133	130
Equity Capital	93	102	102	114	131	131	132	133	133	133	133	130
Reserves	1,487	2,637	2,950	3,449	4,272	1,822	1,738	1,497	1,677	1,783	1,504	1,430
Borrowings	2,174	1,979	2,662	3,006	2,998	2,638	2,139	1,872	1,477	697	749	822
Other Liabilities -	4,070	2,077	2,570	4,463	3,000	1,407	2,983	2,414	3,006	2,893	2,012	2,487
Trade Payables	609	813	1,435	398	196	115	123	141	208	341	146	312
Advance from Customers	0	0	0	0	0	0	0	178	0	0	0	0
Other liability items	3,461	1,263	1,135	4,066	2,805	1,293	2,861	2,095	2,798	2,552	1,865	2,175
Total Liabilities	7,823	6,795	8,285	11,032	10,401	5,999	6,992	5,916	6,293	5,506	4,397	4,870
Fixed Assets -	2,291	2,463	2,505	3,053	2,984	2,984	2,808	2,596	2,370	2,198	773	817
Gross Block	2,653	2,969	3,174	3,906	4,075	4,294	4,380	2,843	2,860	2,922	1,216	1,371
Accumulated Depreciation	362	506	670	853	1,091	1,310	1,572	247	490	724	442	554
CWIP	380	401	495	198	178	94	23	25	32	14	40	67
Investments	172	280	1,770	3,404	3,650	1,481	1,030	953	738	567	616	506
Other Assets -	4,980	3,650	3,515	4,377	3,588	1,440	3,132	2,342	3,153	2,726	2,968	3,479
Inventories	2,324	1,304	1,316	1,650	1,474	529	827	792	1,327	1,020	301	1,387
Trade receivables	584	804	884	1,093	977	389	1,741	982	1,323	1,103	723	572
Cash Equivalents	919	921	616	641	427	50	198	146	115	196	172	163
Loans n Advances	1,157	630	390	503	466	441	400	655	473	422	1,767	1,376
Other asset items	-4	-10	308	490	244	31	-34	-234	-85	-15	6	-19
Total Assets	7,823	6,795	8,285	11,032	10,401	5,999	6,992	5,916	6,293	5,506	4,397	4,870

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Cash from Operating Activity -	1,262	-186	979	827	-80	415	256	336	266	792	253	16
Profit from operations	725	918	741	395	265	323	307	207	694	441	494	333
Receivables	-4	-207	-60	-247	129	640	-1,290	951	-505	226	180	233
Inventory	-1,036	1,019	-11	-334	176	945	-298	35	-535	307	285	-761
Payables	1,633	-1,732	442	1,038	-635	-1,479	1,541	-808	529	-108	-514	-421
Other WC items	0	0	0	0	0	0	0	-47	50	-116	-189	700
Working capital changes	593	-920	370	457	-331	106	-47	131	-461	308	-238	-249
Direct taxes	-55	-184	-132	-25	-15	-14	-4	-2	33	43	-3	-68
Cash from Investing Activity -	-553	15	-1,796	-2,054	178	-8	557	95	350	188	-236	359
Fixed assets purchased	-300	-359	-397	-260	-131	-95	-30	-46	-90	-43	-30	-142
Fixed assets sold	1	0	1	3	1	2	1	3	1	4	1	1
Investments purchased	0	-2	-1,178	-653	0	-38	-1	-3	0	0	-26,721	-8,016
Investments sold	225	0	0	0	368	0	483	174	226	187	26,455	8,080
Interest received	80	43	56	54	217	106	100	88	74	56	72	57
Dividends received	7	9	10	40	25	23	3	2	0	0	0	275
Invest in subsidiaries	-0	-105	-308	-959	-188	-1	0	0	0	0	0	0
Loans to subsidiaries	-423	0	-94	-15	-50	0	0	-142	-10	-10	0	0
Investment in group cos	0	-0	0	0	0	0	0	-15	0	0	0	0
Other investing items	-143	429	114	-265	-63	-5	0	34	148	-5	-14	104
Cash from Financing Activity -	90	172	512	1,251	-312	-772	-732	-488	-594	-902	-39	-374
Proceeds from shares	0	469	3	508	1	0	0	0	0	0	0	0
Proceeds from debentures	155	1,184	1,000	788	337	0	0	0	0	250	0	0
Redemption of debentures	-155	-490	-130	0	-518	0	0	-49	-300	-704	0	0
Proceeds from borrowings	539	0	136	155	550	44	0	0	41	0	800	837
Repayment of borrowings	-229	-785	-318	-2	-436	-584	-512	-233	-124	-330	-749	-798
Interest paid fin	-188	-174	-131	-151	-232	-216	-204	-190	-195	-102	-74	-70
Dividends paid	-33	-33	-48	-48	-13	-15	-15	-16	-16	-16	-16	-274
Financial liabilities	0	0	0	0	0	0	0	0	0	0	0	-10
Other financing items	0	0	0	0	0	0	0	0	0	0	0	-59
Net Cash Flow	799	2	-305	24	-214	-365	81	-56	22	78	-23	1

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Ratios

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %	17%	24%	13%	5%	4%	3%	4%	-1%	12%	11%	4%	23%
Debtor Days	37	44	51	69	54	29	128	95	111	100	64	49
Inventory Turnover	2.40	2.56	3.48	3.00	3.27	3.66	6.08	3.57	3.06	2.67	4.98	3.52

Announcements & News

Recent Announcements

Credit Ratings

Welspun Corp Limited: Long-term rating upgraded to 'CRISIL AA/Stable'; short-term rating reaffirmed 1d from crisil
Welspun Corp Limited Mar 5 from care
Welspun Corp Limited Feb 17 from care
Welspun Corp Limited 4 Nov 2019 from care
Welspun Corp Limited: Rating outlook revised to 'Positive'; ratings reaffirmed 9 Oct 2019 from crisil
Update on Welspun Corp Limited 12 Apr 2019 from crisil

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate as per time to time filling by company to exchanges. However, no guarantees are made regarding correctness of data. Investors are advised to validate/check information with exchanges or companies website before making any investment decisions.

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