Welspun Corp Ltd on Tuesday 4 June announced that its associate company EPIC has signed several contracts worth SAR 1.65 billion, or roughly Rs 3,670 crore with the Saudi Arabian Oil Co. (Aramco) for supplying steel pipes.

Welspun Corp stated in an exchange filing that the contracts have a 19-month term and that their financial effects will be felt from the fourth quarter of the fiscal year 2024–2025 to the final quarter of the fiscal year 2025–2026.

The company in its regulatory filing added, “Our associate company East Pipes Integrated Company for Industry (EPIC) today announced multi contracts sign off with Saudi Arabian Oil Co. (Aramco) with value exceeding (Saudi Riyal) SAR 1.65 billion (approximately Rs 3,670 crore) inclusive of value added tax for manufacturing and supply of steel pipes.”

Welspun Corp states that EPIC is Saudi Arabia’s leading manufacturer of helical submerged arc welded (HSAW) pipes.

In its quarterly report for January-March, the company reported a 20% year-on-year increase in net profit to Rs 287.28 crore during the quarter under review from Rs 240.08 crore reported in the same quarter of the previous fiscal year. 

The total income of the company during the quarter stood at Rs 4,543.70 crore, marking a 9.93% YoY increase from Rs 4,132.38 crore reported in the corresponding quarter of the previous fiscal year. 

The company’s board has also recommended a dividend of Rs 5 per share for the fiscal year 2023-24.