In the last month, Welspun Corp has received orders from the US and India totaling Rs 872 crore
Welspun Corp said on Monday that it has received several line pipe orders totaling around Rs 872 crore from customers in the USA and India. According to the corporation, orders for multiple-line pipes were received during the previous month.
One of these contracts is for the provision of bends and concrete-coated LSAW pipes for a crucial oil transport project in the Middle East. According to Welspun Corp, the line pipes are intended for use in very sour service applications. In a regulatory filing, the business said, “Welspun Corp has been executing these types of extremely challenging projects, which reinforces our position as one of the top line pipe manufacturers of the world.”
The primary business activity of Welspun Corp is the production and distribution of steel and steel-related goods.
Welspun Corp had said earlier in March that it has secured line pipe orders totaling Rs 2039 crore from both the US and India. It had said that the new contract in the US confirms the company’s dominating position in the onshore gas transmission market in the USA and guarantees business continuity until Q2FY25.
Welspun Corp had reported solid Q3 results in February prior to this, supported by consistent demand throughout the nation. The company’s Q3FY24 profit of Rs 291.86 crore was a 12-fold YoY increase over the previous fiscal year’s Q3 profit of Rs 23.24 crore. With a total revenue of Rs 4758.17 crore in Q3, the Q3FY23 income almost quadrupled year over year to Rs 2410.33 crore.
