Welspun Corp announced bagging line pipe orders totalling ₹2,039 crore in India and the US. The company emphasized that the US orders not only guarantee business continuity until the second quarter of the financial year 2025, but also reaffirm its leading position in the US onshore gas transmission sector.
A statement from the company added, “Furthermore, the Indian orders, including one for suppliers to the USA offshore, validate our technical expertise and the trust our customers have in us to execute critical projects, especially in the challenging Gulf of Mexico”.
The orders are slated for execution in the financial year 2025. Percy Birdy, Welspun’s Chief Financial Officer, expressed confidence in surpassing the financial year 2024 guidance, targeting revenue of approximately ₹15,000 crore and EBITDA of ₹1,500 crore. Welspun Corp, known for its steel pipes, tubes, and bars manufacturing, intends to diversify its product portfolio by incorporating plastic pipes, leveraging the Sintex brand and distribution network.
As reported by IIFL Securities, in January, its associate company, East Pipes Integrated Company for Industry (EPIC), secured orders worth ₹3,000 crore in Saudi Arabia. Among these, a ₹2,200 crore order was received from the Saline Water Conversion Corporation (SWCC) for manufacturing and supplying steel pipes. The order is set to be completed within thirty-nine months.
