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Welspun Corp Shares Gain 3% on Bagging Rs 2,039 Crore Line Pipe Orders

Welspun Corp has been executing these types of extremely challenging projects.

Shares of Welspun Corp Ltd were trading 3% higher on Friday, 22 March, after it declared that it had received Rs 2,039 crore worth of line pipe orders from the US and India since its last notification on 6 February 2024.

The business said in a stock exchange statement that the new orders it got in the US both confirmed its leadership position in the US onshore gas transmission industry and ensured its business continuity through the second quarter of the fiscal year 2025.

The company said, “Also, from the orders in India, one being for suppliers to USA offshore, reaffirms our technical excellence and customer trust on us, for executing critical projects, especially in the very challenging and demanding Gulf of Mexico.”

These orders are to be executed during the upcoming fiscal year 2025.

During the course of the next four to five years, the firm plans to multifold the expansion of the plastic water tank producer Sintex, which it purchased in March 2023.

Percy Birdy, Welspun’s Chief Financial Officer, stated that the company is predicted to generate approximately Rs 15,000 crore in revenue and Rs 1,500 crore in EBITDA (earnings before interest, taxes, depreciation, and amortisation) in the financial year 2024.

Using the Sintex name and distribution system, Welspun Corp., a manufacturer of steel pipes, tubes, and bars, planned to increase the range of products it offers by adding plastic pipes.

Its affiliated business, East Pipes Integrated Company for Industry (EPIC), secured contracts in Saudi Arabia in January for Rs 3,000 crore, or roughly SAR 1.32 billion.

The Saline Water Conversion Corporation (SWCC) awarded Welspun Corp. a contract worth Rs 2,200 crore to produce and distribute steel pipes. According to Welspun Corp.’s stock exchange statement, the order will be completed in 39 months.

The corporation stated that the financial impact of the contract will be shown from the first quarter of fiscal year 2025 through the second quarter of fiscal year 2027.

At 11:50 am, shares of Welspun Corp were trading 2.46% higher at Rs 537.05 on NSE.

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