Welspun Corp on Monday announced that it has received multiple line pipe orders, both in India and USA, cumulatively valued at approximately Rs 872 crore. The orders, the company stated, were received in the last one month to supply multiple-line pipes.
Among these orders, one is for supply of Concrete Coated LSAW Pipes and Bends for a critical oil transportation project in the Middle East. Welspun Corp said that the line pipes shall be used for extreme sour service application. “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 company said in a regulatory filing.
It further added that the execution of these orders will be during FY25.
Welspun Corp is primarily engaged in the business of manufacture and distribution of steel and steel products.
Earlier in March, Welspun Corp had said that it received line pipe order, both in India and the US, cumulatively valued at Rs 2039 crore. It had stated that the new order in the US not only ascertain business continuity till Q2FY25 but also reaffirms the firm’s dominant position in the USA onshore gas transmission sector.
Before this, in February, Welspun Corp had posted strong Q3 performance on the back of steady demand across the country. The company had recorded Q3FY24 profit at Rs 291.86 crore, up 12-fold YoY from Rs 23.24 crore in the same quarter last fiscal. The total income in Q3 came in at Rs 4758.17 crore, almost doubled YoY from Rs 2410.33 crore in Q3FY23.