Welspun Corp receives new order from Middle East

25 Jul 2024 , 11:18 AM

Welspun Corp announced that it secured an order from the Middle East to deliver LSAW pipes and bends (bare and coated).

With the new order, the cumulative value of company’s line pipe orders received in India and US stands at around ₹1,202 Crore, since its last disclosure on May 30, it stated.

The orders would be fulfilled between fiscal years 25 and 26, the business informed the stock exchanges.

Last month, the corporation announced that its Saudi Arabian partner firm had signed contracts with Aramco for approximately ₹3,670 Crore.

The contract between East Pipes Integrated Company for Industry (EPIC) and the Saudi Arabian Oil Company (Aramco) is for 19 months.

The company predicts ₹17,000 Crore in revenue for fiscal year 2024-25, a 3.3% decrease from the previous year’s ₹17,582 Crore. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) are expected to fall to ₹1,700 from ₹1,804 Crore in fiscal year 2024.

In the fourth quarter, its EBITDA margin fell to 7.4% from 10.3% in the same period last year. In the December quarter, it posted an EBITDA margin of 9.7%.

Net profit appears to have grown by 20%, however this is due to lower financing costs, increased other income, and lower taxes.

The company predicts ₹17,000 Crore in revenue for fiscal year 2024-25, a 3.3% decrease from the previous year’s ₹17,582 Crore.

In the fourth quarter, its EBITDA margin fell to 7.4% from 10.3% in the same period last year. In the December quarter, it posted an EBITDA margin of 9.7%. Net profit increased by 20% due to decreased financing costs, more other revenue, and lower taxes.

At around 11.13 AM, Welspun Corp was trading 2.83% lower at ₹650, against the previous close ₹668.90 on NSE. The counter touched an intraday high and low of ₹662, and ₹642, respectively.

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