Welspun Corp, a leading manufacturer of steel pipes, tubes, and bars, has clinched a significant export deal worth ₹611 crore to supply Longitudinally Submerged Arc Welded (LSAW) pipes, coating, and bends to Latin America. The company revealed the news on Wednesday, April 24, through a filing with the stock exchange.
The contract, scheduled for execution during the fiscal year 2024-25, underscores Welspun Corp’s continued success in expanding its global footprint and strengthening its position as a key player in the steel pipes industry.
According to the company’s announcement, the letter of award received by Welspun Corp will be followed by a notice to proceed/purchase the order by the second week of May. This latest development comes on the heels of Welspun Corp’s recent announcement of securing orders worth ₹872 crore within the past month, encompassing multiple-line pipes destined for projects in both India and the United States. These orders are also slated for execution in the fiscal year 2024-25.
Highlighting the significance of these recent contracts, the company emphasized that it has been consistently securing substantial orders, indicative of its robust business performance and market demand for its products. Notably, one of the recent orders involves supplying coated LSAW pipes and bends for a critical oil transportation project in the Middle East, specifically designed for extreme sour service applications.
Expressing confidence in the company’s trajectory, Percy Birdy, Chief Financial Officer of Welspun Corp, stated that the company is on track to surpass its financial year 2024 guidance of achieving around ₹15,000 crore in revenue and an EBITDA of ₹1,500 crore.
Beyond its core business of manufacturing steel pipes, tubes, and bars, Welspun Corp has been strategically planning to expand its product portfolio to include plastic pipes, leveraging the renowned Sintex brand and distribution network.
In response to this positive news, Welspun Corp’s shares closed 1.56% higher at ₹559 apiece on Tuesday, April 23. Over the past year, the stock has surged by an impressive 155.08%, reflecting investor confidence in the company’s growth prospects and performance in the steel industry.
