Welspun Corp Management Discussions

I am delighted with the strong performance of our operations. We have achieved execution and delivery for our customers, leading to robust cash flows. Our acquisition of Sintexs plastic products business has provided us with a competitive advantage as we enter the B2C segment. This strategic move will generate significant value for all our stakeholders.

Additionally, our recent investments in DI Pipes and TMT Rebars manufacturing have made noteworthy progress, while the Stainless Steel business has successfully completed its turnaround. Emphasizing sustainability as a core principle,Ihavegreatconfidence that WCL will reach even greater heights in the upcoming year.


The Management Discussion and Analysis (MD&A) should be read in conjunction with Welspun Corp Limiteds ("Welspun" or "WCL" or the "Company") Audited Consolidated Financial Statements and Notes for the year ended March 31, 2023. Welspuns financial situation and activities for FY23 are covered in this MD&A. Legal tender is stated in Indian Rupees unless indicated otherwise. The figures used in the analysis are on a consolidated basis, with the equivalent figures from the prior year regrouped and reclassified where needed.


This analysis contains forward-looking statements, which may be identified by their use of words like

‘plans, ‘expects, ‘will, ‘anticipates, ‘believes, ‘intends, ‘projects, ‘estimates or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the Companys strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.


Welspun Corp Limited (WCL) is the flagship company of Welspun Group, one of Indias fastest-growing multinationals, with a leadership position in line pipes and home textiles, along with other lines of businesses in infrastructure, warehousing, retail, advanced textiles, and flooring solutions

WCL is one of the largest manufacturers of large diameter pipes globally and has established a global footprint across six continents and 50 countries by delivering key customized solutions for both onshore and offshore applications. The Company also manufactures BIS-certified Steel Billets, TMT

(Thermo Mechanically Treated) Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars. The Company has state-of-the-art manufacturing facilities in Anjar (Gujarat), Bhopal (Madhya Pradesh), Mandya (Karnataka) and Jhagadia (Gujarat) in India. Overseas, WCL has a manufacturing presence in Little Rock, Arkansas, USA.

WCLs expansion entails creating a diversified product portfolio and repurposing its business to add new target markets, both organically and inorganically.

The Company recently acquired Sintex-BAPL, a market leader in water tanks and other plastic products, to expand its building materials portfolio. It has also acquired specified assets of ABG Shipyard with the potential to enter Ship Recycling and Repair Business.

The Companys diversification business growth and strategy are aligned with the Welspun Groups vision.


The global economy appears to be recovering gradually from the pandemic and Russias invasion of Ukraine.

Inflation reached multi-decade highs in many economies last year due to pent-up demand, low interest rates, lingering supply disruptions, and commodity price increases. This prompted central banks to aggressively infla to tighten monetary policy to bring their objectives and expectations. In 2022, COVID-19 outbreaks severely impacted economies, most notably China, which appeared to be recovering and thereby reducing supply chain disruptions. Due to the financial sectors volatility, downside risks to economic growth are increasing despite the benefits of lower food and energy costs and enhanced supply-chain functionality. The world economy, which grew by 3.4% in 2022, is projected to grow by 2.8% in 2023 and 3.0% in 2024.

At the end of 2022, the labor markets of developed economies, most notably the United States, will have remained remarkably robust, with historically low unemployment rates. The advanced economies are expected to register a growth rate of 2.8% in 2023 and 3.0% in 2024, as compared to 3.4% recorded in 2022. Emerging markets and developing economies have, on average, better economic prospects than advanced economies, but these prospects differ more

World Economic Growth (%) significantly across regions. The advanced economies economic growth is expected to be 1.3% in 2023 and 1.4% in 2024, compared to 2.7% in 2022. The anticipated improvement in 2024 for both categories of economies reflects the gradual recovery from the effects of the conflict and the decline in inflation.


Global energy demand is projected to increase from 285.7 mboe/d (million barrels of oil equivalent per day) in 2021 to 351 mboe/d in 2045. World energy demand is expected to be largely driven by non-OECD countries and is further expected to expand by 69 mboe/d over the forecast period 2021-2045, with India accounting for 28% of this growth. Despite increased energy demand growth during the forecast period, OECD countries per capita consumption in 2045 will remain much higher than that of non-OECD countries.

With significant policy support and lowering long-term costs, alternative renewables (mostly wind and solar) are the fastest and largest expanding category in the energy mix, contributing 31 mboe/d throughout the forecast period. It is projected that natural gas demand would increase by 19 mboe/d, followed by oil demand at a little over 12 mboe/d across the forecast period.

It is expected that demand for oil as a primary fuel will climb from 88 mboe/d in 2021 to 101 mboe/d in 2045, while its share in the energy mix will fall from 31% to just below 28%. Despite decelerating oil demand growth, oil is projected to maintain the largest proportion of the global energy mix over the duration of the forecast. Through 2045, it is anticipated that the combined market share of oil and gas in the global primary energy mix will remain above 50%.

In the early years of the forecast period, China is expected to fuel oil demand growth. Chinas demand growth will decelerate significantlyand potentially turn negative over the last five years of the forecast period, allowing India to ascend to the top position. Africa and Other Asia, where economic development, urbanization, industrialization, and vehicle fleet expansion will be the most rapid among all regions, are also expected to experience a moderate increase throughout this period, alongside India. This will result in demand growth of around 1.4 mboe/d for India, 0.8 mboe/d for Africa, and 0.7 mboe/d for Other Asia between 2040 and 2045. Even by 2045, oil demand in India, Africa, and Other

Asia will increase at a rate of more than 2% per year and 1% per year, respectively.

The demand for natural gas is expected to rise from 66.4 mboe/d in 2021 to 85.3 mboe/d in 2045. The growth is nearly entirely attributable to non-OECD nations, led by China, India, and OPEC members. Due to the relatively high price elasticity of gas consumption, an increase in gas prices may temporarily reduce demand, particularly in the power generation sector. Various impacts of events like changes in the energy mix, economic activity, weather, behavioral changes, and other factors in the European market will have huge impacts on the global gas market.

World primary energy demand by fuel type, 2021–2045 (mboe/day)


Growth Growth

Fuel share


mboe/d % p.a. %
2021 2025 2030 2035 2040 2045 2021-2045 2021-2045 2021 2045
Oil 88.3 96.1 98.9 100.1 100.5 100.6 12.3 0.5 30.9 28.7
Coal 74.7 74 70.7 66.4 62.1 58.2 -16.5 -1 26.1 16.6
Gas 66.4 69.9 74.9 79.5 83 85.3 18.9 1 23.2 24.3
Nuclear 15.2 16.3 17.8 19.6 21.7 23.3 8.1 1.8 5.3 6.6
Hydro 7.5 8 8.7 9.4 10.1 10.4 2.9 1.4 2.6 3.0
Biomass 26.2 27.9 30 32 33.7 34.9 8.6 1.2 9.2 9.9
Other renewables 7.4 11.2 17.8 24.9 32.5 38.3 30.9 7.1 2.6 10.9


285.7 303.4 318.9 331.9 343.6 351 65.3 0.9 100 100

Source: OPEC-World Oil Outlook 2022

At an assumed average Brent oil price of US$ 106/ bbl, the global upstream industry has been estimated to have generated its highest-ever free cash flow of

US$ 1.4 trillion in 2022. According to the Deloitte Oil and Gas Outlook 2023 report, the industry has exercised capital discipline and concentrated on the generation and distribution of cash flows. Average oil and gas production has increased by 4.5% when compared to the same period in the previous year, however, free cash flows per barrel of production are projected to increase by nearly 70% in 2022 when compared to 2021 levels. It is anticipated that the oil and gas sector would approach 2023 with its most robust balance sheet to date.

Natural gass long-term potential is based on abundant gas resources and comparatively low emissions;


hence, many nations want to increase the proportion of gas in their energy mix. Its percentage of the energy mix is expected to rise from slightly over 23% in 2021 to almost 24.5% in 2045. After 2030, gas will overtake coal as the second-largest source of fuel.

In 2021, following a decline of approximately 4.5% in 2020, the demand for coal increased by over 3%, as the post-pandemic recovery raised energy consumption. In addition, rising crude oil prices in 2021 encouraged a transfer from crude oil to coal in the electrical industry in numerous regions, including the OECD Americas,

World liquid fuel consumption (million barrels per day) and Europe. Coal is widely seen as a readily available and low-cost baseload fuel, but its demand has been under pressure due to environmental and climate change policies that aim to phase out coal in favor of cleaner energy sources.


The worlds consumption of liquid fuels is projected to increase from 99.4 mb/d in 2022 to 100.9 mb/d in 2023. Upward revisions to global economic growth are primarily responsible for the increased consumption expectations. In 2023, it is anticipated that China will account for roughly half of the growth in global liquid fuel consumption. In 2023, Chinas consumption is expected to climb by 0.7 mb/d. It is expected that Indias consumption will increase by 0.2 mb/d, while non-OECD consumption will increase by an average of 0.5 mb/d. OECD consumption remains largely unchanged as the consequencesofinflation continue to constrain GDP and oil demand growth. It is anticipated that worldwide liquid fuel consumption will rise by 1.8 mb/d in 2024, with non-OECD nations accounting for 1.6 mb/d of the growth. However, there is a lot of uncertainty around the demand estimate since there is a broad range of probable outcomes for both the global economic circumstances this year and the travel and oil demand in China, after it shifted away from a zero-COVID goal.

The average global production of liquid fuel is projected to increase by an average of 1.6 mb/d in both 2023 and 2024. Despite upward adjustments to the global liquid fuel demand forecast, sustained global oil inventory buildup over the forecast period is still projected as global oil production continues to exceed consumption.

Global oil inventories will continue to increase throughout the forecast period; however, the high demand for crude oil from refineries due to elevated refining margins is expected to limit downward pressure on crude oil prices as refiners maintain high crude input levels to maximize distillate fuel production. Russia was an important supplier of distillate fuel to

Europe, but changes in distillate trade flows resulting from Europes lower imports of Russian distillate in recent months have kept distillate fuel margins substantially above their five-year averages. The Brent crude oil spot price is expected to decline from an average of US$ 101/b in 2022 to an average of US$ 85/b in 2023, and then to an average of US$ 81/b in 2024.


The global natural gas market experienced a significant shock in 2022 when Russia significantly lowered pipeline deliveries to Europe, resulting in unprecedented supply strain and a global energy crisis. Despite this, European countries were able to fill their underground gas storage sites substantially above historical averages, thanks to a combination of targeted policy initiatives, a record of liquefied natural gas (LNG), and a sharp decline consumption, especially in energy-intensive businesses. Russias pipeline shutdowns had repercussions for gas-consuming nations outside of Europe, resulting in record-high market prices, supply concerns, and a significant decrease in demand.

Global natural gas markets tightened further, despite global consumption falling by 1.6% in 2022.

Consumption is projected to stay steady in 2023, although the outlook is subject to a high level of uncertainty, particularly in terms of Russias future activities and the economic consequences of shifting energy prices.

Europes gas demand decreased by 13% as governments moved swiftly with emergency programs, industry trimmed back production, and consumers turned down their thermostats. Moreover, milder winter weather conditions reduced the requirement for space heating. Due to high liquefied natural gas (LNG) prices,

COVID-related interruptions in China, and continuously warm weather in northeast Asia, gas demand in Asia decreased by 2%.

During 2022, natural gas prices reached all-time high levels in Asian and European markets amid tight market conditions. Record high price levels were accompanied by excessive volatility and egion was 8%short-term price lowervariability. than anticipated In the United States, Henry Hub prices averaged US$ 6/MBtu in 2022, their highest level since 2008. Higher gas demand for power generation (supported by a sharp increase in coal prices) coincided with strong y-o-y growth in LNG exports and a relatively weak supply response from US producers. Gas prices moderated significantly in January 2023 across all key gas markets, although they remained well above historic averages in Asia and Europe.

In 2022, the global LNG trade grew by 5.4%, a growth rate that was slightly lower than in 2021. Europe led the growth in LNG imports in 2022 with a sharp 63% increase, compensating for a substantial decline in Russian pipeline gas imports. In the meantime, demand in the Asia-Pacific region was 8%

Due to sluggish economic growth and COVID-related disruptions, Chinas imports decreased by 21%, the steepest annual decline in absolute and percentage terms since the beginning of LNG imports in 2006.

World natural gas consumption and production by region and key country (bcm)



2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Africa 164 161 169 163 167 252 241 262 254 266
Asia Pacific 829 834 891 876 903 630 626 651 659 666

of which China

307 325 367 364 388 174 189 205 218 228
Central and South America 156 142 153 149 148 167 150 148 151 153
Eurasia 608 584 634 610 602 921 866 961 873 825

of which Russia

482 460 501 475 467 738 692 762 672 620
Europe 590 576 609 522 505 249 230 222 229 226
Middle East 543 547 562 575 598 668 669 693 712 734
North America 1104 1079 1091 1147 1117 1174 1154 1189 1240 1258

of which United States

886 868 874 921 890 968 954 984 1021 1041


3 993 3 924 4 109 4 042 4 041 4 061 3 936 4 125 4 119 4 128

Source: IEA, Gas Market Report, Q1-2023


LNG was a notably dynamic sector in 2022, when the value of LNG trade reached a record high of US$ 450 billion, doubling from the year before. Volumes traded increased by 5.5%, slightly slower than in 2021, highlighting once again the distorting effects of steep increases in energy prices on global economic activity. Europe was the primary generator of the increase in LNG demand as it shifted away from Russian pipelines. In 2022, deliveries of LNG to Europe increased by 63%.

LNG exports from North America increased by 11% in 2022 as a result of new liquefaction capacity additions and despite the extended outage at the Freeport LNG terminal in Texas since June 2022.

In 2022, Europe increased LNG imports by a sharp 63%, compensating for a substantial decline in Russian pipeline gas imports. In the meantime, demand in the


Due to sluggish economic growth and COVID-related disruptions, Chinas imports decreased by 21%, the steepest annual decline in absolute and percentage terms since the beginning of LNG imports in 2006. Despite a modest 3% decline in LNG imports in 2022, Japan was once again the worlds largest LNG importer. In 2022, Korea imported the same quantity of LNG as in 2021.

In contrast, price-sensitive South Asian importers experienced significant declines: India and Bangladesh each saw a 17% decline in LNG imports, and Pakistan saw an 18% decline as high and volatile spot LNG prices depressed demand. Despite the high price environment,. Malaysia (up 45%), Thailand (up 28%),

Singapore (up 22%), Indonesia (up 6%), and Chinese Taipei (up 4%) all saw increasing LNG imports, which were fueled by strong power demand and economic activity and in some cases by declining domestic and pipeline gas supply. As a result of the recovery of hydroelectric reservoir levels following the historic drought of 2021, LNG imports in Central and South America decreased substantially by 38%. Imports of LNG into Brazil decreased by 72% compared to 2021.

Russias LNG exports grew by 10% in 2022, and approximately 43% of Russias LNG output landed in the European Union, as compared to 35% in 2021. It was in stark contrast to the decreasing trend in Russia-EU pipeline flows. Norways LNG exports returned to 2020 levels in 2022. Africa was the only exporting region whose output declined in 2022 by 6%.

The volume of global LNG trade is projected to increase by 4.3% in 2023. A rise in European imports to an all-time high of 180 bcm (billion cubic meters) due in part to new import infrastructure and a modest recovery in Asia following the regions demand decline in 2022 are driving the expansion of LNG demand.

As per the Gas Market Report for Q1 2023, oil prices reached their highest level since 2013 due to heightened geopolitical uncertainty and tightening supply. This, in turn, exerted upward pressure on oil-indexed LNG contract prices, which increased by 70% in 2022 to an estimated average of US$ 15 per million British thermal units. Consequently, the value of LNG traded under long-term oil-indexed LNG contracts rose by 90% to an estimated US$ 220 billion, accounting for approximately 60% of global LNG trade. Russias steep

Europe drove LNG import growth and North America led LNG export growth in 2022, a pattern expected to continue in 2023 supply cuts to the European Union drove European hub prices, and indirectly, Asian spot LNG prices to all-time highs in 2022. Asian spot LNG prices averaged US$ 34/MBtu in 2022, their highest level on record and more than five times their five-year average during 2016-2020.


The growth of US shale production and capital expenditures in 2022 is driven by the corporations construction and utilization of an integrated infrastructure. Natural gas production from oil-driven shale fields benefited from the estimated 620 kb/d increase in tight oil production in 2022. In the Permian

Basin, the largest associated gas-producing shale field and the second largest gas-producing basin after the Appalachian, daily average tight oil production increased by 14% in 2022, while associated natural gas production increased by 17% during the same timeframe. In 2022, drilling activity in the Permian Basin increased by 50% year-on-year, with the number of wells drilled increasing from 341 in January to 432 in December 2022. The monthly well completion rate remained above the number of wells drilled, resulting in a reduction of drilled but uncompleted wells from 1,381 in January 2022 to 1,061 in December 2022. The increase in the average gas-to-oil ratio (GOR) of Permian production was a result of a shift in drilling activity to Permian Basin regions with increased associated gas content.


The oil and gas industry forms one of Indias eight essential industries and has a significant impact on the economic decisions of all major sectors. The demand for oil and gas is expected to increase due to the correlation between Indias economic growth and its energy demand, making the sector quite attractive for investment. India maintained its position as the worlds third-largest energy consumer as of 2022.

With geopolitical and financialuncertainties anticipated in the next few years, oil and gas companies have been securing supply in the near term. On the basis of sustained, robust economic development, Indias energy demand is projected to grow faster than that of all other major economies worldwide. Indias primary energy demand is expected to nearly double to 1,123 MMT of oil equivalent, as Indias gross domestic product (GDP) is expected to increase to US$ 8.6 trillion by 2040.

Crude Oil

The total crude oil and condensate output in India declined by 1.7% in FY23 to 29.2 MMT (million metric tons) compared to 29.7 MMT recorded in the same period previous year. India imported 232.4 MMT of crude oil in FY23, up from 212.4 MMT in FY22, an increase of 9.4% due to an increase in imports of all products except lubes/LOBS, fuel oil (FO), bitumen, etc. Crude oil imports from OPEC countries dropped to 59% of overall imports in FY23, down from 72% in FY22. During FY23, crude oil was imported mainly from the Middle East (55.3%), Africa (7.6%), North America (7.4%), South America (2.6%), and Eurasia (26.3%). In FY23, Indias consumption of petroleum products reached a new high, demonstrating robust demand for transportation fuels and other refined products.

Crude oil consumption witnessed a growth rate of 5.6%, growing from 241.7 MMT in FY22 to 255.2 MMT in FY23.

Domestic Production, Consumption and Imports of Crude Oil (Unit: MMT)


Change (y-o-y)

FY21 FY22P FY23P FY22P FY23P
Production 30.5 29.7 29.2 -2.6% -1.7%
Imports 196.5 212.4 232.4 8.1% 9.4%
Consumption / 221.8 241.7 255.2 9.0% 5.6%
Crude Processed

Natural Gas

Natural Gas is used as a feedstock in a number of industries, including the production of fertilizers, polymers, and other commercially significant organic compounds, as well as a fuel for the production of electricity and heating in industrial and commercial buildings. Natural gas is also used for cooking and as a vehicle fuel in households. The overall gross natural gas production of 34,450 mmscm (million metric standard cubic meters) for FY23 was 1.3% higher than the corresponding period last year.

Indias natural gas consumption decreased by 6% in FY23 as rising prices dampened demand for gas in power generation, refineries, and the petrochemicals industry. Consumption in the fertilizer segment and other end uses, including agriculture, upstream operations, and other industries, grew modestly in 2022, but not nearly enough to offset the steep declines in the more price-sensitive sectors of the economy. The total natural gas consumption was 60,311 mmscm during the year under review, as compared to 64,159 mmscm recorded in FY22.

City Gas Distribution (CGD) is expected to be a growth driver for gas demand. After completion of 11 A CGD bidding round, 295 Geographical Areas (GAs) covering about 98% of the population and 88% of total geographical area of the country spread over around 630 districts in 28 States/UTs including all cities under these GAs, have been covered under the CGD network.

Indias imports of LNG have declined due to rising prices, both before and after Russias invasion of Ukraine. Cumulative LNG imports fell 14.1% YoY in FY23 to 26,647 million metric standard cubic meters (mmscm). Indias demand for LNG imports declined significantly due to high spot LNG prices and increasing domestic supply. The decline in LNG demand occurred in price-sensitive industries such as power and refining, where users can easily shift to cheaper alternative fuels. However, these sustained price levels have begun to impact demand in other industrial sectors where transitioning is a costly and time-consuming process.

According to the IEEFA (Institute of Energy Economics and Financial Analysis), in 2023, India plans to operate 12.5 GW of peaking gas units as part of a special program in which a state-owned gas Company will purchase gas supplies in advance. India is actively seeking new long-term LNG supply contracts with an array of suppliers. Globally, however, there are a limited number of long-term LNG supply contracts commencing before 2026. Existing contractors are unable to increase supplies in the short term; therefore, incremental growth in LNG demand may have to come from volatile spot markets until then.

Domestic Production, Consumption and Imports of Natural Gas (Unit: MMSCM)

Change (y-o-y)


FY21 FY22(P) FY23(P) FY22P FY23P
Production 28,672 34,024 34,450 18.70% 1.30%
Imports 33,198 31,028 26,647 -6.50% -14.10%
Consumption / 60,982 64,159 60,311 5.20% -6.00%
Crude Processed


Gas pipeline infrastructure is an economical and safe mode of transporting natural gas by connecting gas sources to gas-consuming markets. The gas pipeline grid determines the structure and growth of the gas market. To assure the adequate availability and equitable distribution of natural gas throughout the country, a National Gas Grid with interconnections has been envisioned.

The overall authorized length of natural gas pipelines as of December 2022 is 33,131 km, of which 12,002 km are under construction. Several new pipelines are planned, like the Kochi–Koottanad–Bangalore–Mangalore Phase II project, which is expected to commence operations in 2025 and will be owned by GAIL.

Major natural gas pipeline network (Km) and Capacity (mmscm) as on December 31, 2022



Length 9,582 2,695 1,479 143 107 304 73 42 24 14,449
Capacity 167.2 43.0 85.0 20 .0 2.4 3.5 5.1 0.7 6.0 337.3

Partially Commissioned

Length 4,778 282 1,255 365 6,680

Total Operating

Length 14,360 2,695 1,479 425 107 304 73 42 24 1,255 365 19,398

Under Construction

Length 5,095 100 1,149 1,077 1,666 2,915 12,002
Capacity 3 149 -

Overall Total

Length 19,455 2,795 1,479 1,574 107 304 73 42 24 2,332 2,031 2,915 33,131

Source: PPAC - Snapshot of Indias Oil & Gas data - March 2023, IBEF

As of April 2023, India had 10,420 km of crude pipeline with a capacity of 147.9 million metric tons per year (mmtpa). Indian Oil Corporation Limited (IOCL) controls 50.8%, or 5,301 km, of the length of Indias petroleum pipeline network. To meet the market demand in Karnataka fed areas, BPCL is constructing a pipeline to meet the demand from its existing terminal at Irugur (Coimbatore). The pipeline shall originate from the existing pipeline receipt cum pumping station at Irugur to Devangonthi in the state of Karnataka.

Major crude oil pipeline network as on April 01, 2023

Length (km) 1,284 1,193 688 1,017 5,301 937 10,420
Capacity (MMTPA) 60.6 9.0 10.7 11.3 48.6 7.8 147.9

Source: PPAC - Snapshot of Indias Oil & Gas data - March 2023



U.S. crude oil production reached record highs, and production of natural gas and petroleum, and other liquids is rising amid growing demand for exports and industrial uses. Crude oil output in the U.S. is expected to average 12.53 mb/d in 2023, as compared to 11.9 mb/d in 2022. The EIA (U.S Energy Information Administration) expects crude oil production to reach 12.7 mb/d in 2024.

Short-term EIA – energy outlook May 2023, report estimates that the countrys dry gas production will reach 101.1 billion cubic feet per day (Bcf/d) in 2023 and 101.2 Bcf/d in 2024, up from a record-setting 98.1 Bcf/d in 2022. More pipeline infrastructure expansion projects have been scheduled, and these projects are expected to contribute to increases in dry natural gas production.

In 2023, U.S. Federal Offshore Gulf of Mexico (GOM) marketed natural gas production will average 2.3 Bcf/d, while in 2024, it will average to 2.1 Bcf/d. The associated natural gas production from new natural gas fields is anticipated to offset a portion of the production declines from aging natural gas fields. Seven projects are anticipated to come online in the GOM in 2023 and 2024. These new initiatives would contribute 6% of the total natural gas output.

Natural gas consumption in the U.S. is expected to average 87.5 Bcf/d in 2023, as against 88.5 Bcf/d recorded in 2022, due to mild winters and recent low natural gas consumption in the residential and commercial sectors.

A rise in U.S. LNG exports has been anticipated due to high global demand, as LNG continues to replace natural gas pipeline exports from Russia to Europe. Mild winter temperatures and above average storage have resulted in lower LNG prices so far this year, which could be an incentive for price-sensitive Southeast Asian nations to import more LNG. In 2023, U.S. LNG exports is expected to average at 12.1 (Bcf/d), an increase of 14% (1.5 Bcf/d) over last year. An increase of an additional 5% (0.7 Bcf/d) in LNG exports has been anticipated in 2024.

The restoration to service of the Freeport LNG export terminal and the commissioning of new LNG export projects by the end of 2024 would support the anticipated increase in exports. In 2023 and 2024, U.S. natural gas exports via pipeline are anticipated to increase by 0.5 Bcf/d, primarily due to increased exports to Mexico. A number of new pipelines in Mexico, including Tula-Villa de Reyes, Guaymas-El Oro, the Mayakan pipeline on the Yucat?n Peninsula, and a few minor interconnects, are scheduled to become operational by 2024. To supply the proposed floating liquefaction (FLNG) project off the east coast of Mexico, an increase in exports via the Sur de Texas-Tuxpan underwater pipeline has also been anticipated.

Rising global demand for natural gas is a growth opportunity for US LNG producers but delivering on the opportunity will depend on timely construction of natural gas pipelinet quarter of 2023 due to higher-than firs infrastructure to support new US LNG supplies. The Biden administration gave a green light for the 300-mile Mountain Valley Pipeline to run through the Jefferson National Forest. With a vast supply of natural gas from Marcellus and Utica shale production, the Mountain Valley Pipeline is expected to provide up to two million dekatherms per day of firm transmission capacity to markets in the Mid- and South Atlantic regions of the United States.

LNG imported into Central America and the Caribbean from October 2022 to February 2023 nearly doubled thanks to increased imports into Jamaica and Panama. During the period from October 2022 untill March 2023,

States increased by 30% (or LNG nearly 10 bcm) YoY to account for over 45% of Europes additional LNG supply. This further strengthened the United States position as Europes largest supplier, supplying over 40% of the regions total LNG imports and nearly 15% of its gas demand.

In 2022, Canadas gas consumption increased by close to 7%. Both residential, commercial, and wholesale customers including large industry and electricity generators, contributed to this growth. The transition away from coal in the generation of electricity has progressively increased the demand for natural gas.

The winter season began with an increase in residential and commercial natural gas consumption due to below-average temperatures, but this trend reversed average inthe temperatures and with the onset of summer season.

Source: U.S. Energy Information Administration Article, dated March 8, 2023

Middle East

The natural gas consumption in the Middle-East would increase to 588 bcm in 2023 from 575 bcm as witnessed in 2022, thereby growing by 2%, primarily led by demand growth in Iran and Saudi Arabia. Natural gas production is expected to grow to 727 bcm in 2023 from the 712 bcm recorded in 2022.

Iran is expected to lead the Middle East in oil and gas trunk/transmission pipeline additions between 2022 and 2026. By 2026, natural gas and product pipelines will account for the vast majority of pipeline additions in Iran. The Iranian Gas Trunk line–IGAT XI is the main upcoming pipeline for transporting natural gas, with a total length of 1,200 km. More than 90 pipelines in Iran account for 35% of the total active (operational) trunk/ transmission pipeline length in the Middle East. As one of the foremost oil and gas producers in the region, the nation has constructed a robust transmission pipeline network. It is now planning to construct gas and petroleum product pipelines to meet both domestic and international demand.

Saudi Arabia had the highest annual growth rate among the worlds 20 biggest economies in 2022, according to the latest data from OECD and has plans for a huge growth in infrastructure projects. Presently, Saudi Arabia accounts for approximately 15% of the length of the Middle Easts 84 active pipelines. From 2022 to 2026, seven planned and announced initiatives would add 1,559 km to the length of the nations pipelines. These pipelines assist the nation in increasing its hydrocarbon and gas production. Saudi Arabia is expanding its "maximum sustainable" oil production capacity to 13 million bpd by 2027. In this regard, Saudi Aramco is greatly expanding the capacity of its offshore oilfields, which is a crucial element of its strategy to boost the countrys oil production. Its own capital expenditure this year is expected to be between US$ 45 billion and US$ 55 billion, with capex increasing through the decade.

Turkeys 45 pipelines account for approximately 14% of the Middle Easts active pipeline length. From 2022 to 2026, three natural gas pipelines totaling 620 km would be constructed, with two serving domestic demand and the remaining Igdir–Nakhchivan pipeline serving exports to Azerbaijan.

Iraq is one of the largest contributors to the active pipeline length in the Middle East, with an 11% share of 17 active pipelines. From 2022 to 2026, three proposed and announced initiatives are anticipated to add a total of 358 km. All three are primarily export-oriented hydrocarbon pipelines.

Other notable contributors to the active pipeline length in the Middle East include the United Arab Emirates with a 7% share, Oman with a 6% share, and Qatar with a 4% share. From nine upcoming pipelines, these nations are expected to contribute a total of 2,249 km of pipeline length.

Source: IEA, Gas Market Report, Q2-2023


During the period from October 2022 till March 2023, pipeline gas deliveries from North Africa decreased by

8%, or 1.4 bcm YoY, with flows to Iberia decreasing by 25%, or 1.3 bcm and flows to Italy remaining relatively unchanged. Compared to the previous heating season, gas deliveries from Azerbaijan via the Trans Adriatic Pipeline increased by 15%, or 0.80 bcm. The natural gas consumption in Africa would grow to 168 bcm in 2023 from the 164 bcm recorded in 2022. While Africas natural gas production is expected to grow to 262 bcm in 2023 from the 251 bcm recorded in 2022.

Leading energy producers in Africa are prioritizing cross-border cooperation to address inadequate or obsolete infrastructure, which has impeded the continents oil and gas resources full exploitation and commercialization to date. Consequently, a number of regional oil and gas pipeline projects have been announced, advanced, or will be expedited in the coming years.

In June 2022, the energy ministers and chiefs of national oil companies of Nigeria, Niger, and Algeria established a taskforce and roadmap for the development of the Trans-Saharan Gas Pipeline, a project that has been in the works for nearly half a century.

EquatorialGuineasMinisterofMinesandHydrocarbons, H.E. Gabriel Mbaga Obiang Lima, launched the Central African Pipeline System (CAPS) in September 2022. It will connect Central, East, and West African countries, including Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, the Republic of the Congo, the Democratic Republic of the Congo, Rwanda, and Burundi, to combat energy poverty and reduce reliance on non-African energy imports. The infrastructure will include refineries, gas-fired power facilities, terminals for LNG, and international oil and gas pipelines. With seven countries signing a Memorandum of Understanding (MoU) to implement the project at the 2022 Central Africa Business Forum and the African Petroleum Producers Organizations support, the project is anticipated to reach new milestones in 2023. The projects completion is scheduled for 2030 and will support broader efforts to stimulate employment creation, improved energy access, and industrialization throughout the region.

In September 2022, MoU was signed between the Nigerian National Petroleum Corporation (NNPC),

Moroccos National Office of Hydrocarbons and Mines

(ONHYM), and the Economic Community of West African States (ECOWAS) for the construction of the 6,000-km, US$ 25 billion Nigeria-Morocco Gas Pipeline. It is expected to make substantial progress beginning in 2023.

The Trans-Saharan Gas Pipeline is anticipated to enter a new phase of accelerated rollout in 2023 as the three countries seek to increase their consumption of gas resources to boost regional energy security and exports to Europe. The 4,128-km pipeline will have an annual capacity of 30 bcm of natural gas and represents a strategic opportunity to diversify European gas supplies, especially in light of the sanctions presently in place against Russian gas.

The 1,443-km, US$ 10 billion East African Crude Oil Pipeline (EACOP) received approval from the East African Legislative Assembly (EALA) in November 2022, marking a significant project advancement. When finished in 2025, the pipeline will convey up to 2,46,000 barrels per day of crude oil from Uganda to the port of Tanga in Tanzania for export to global markets. In the meantime, regional cooperation and development are anticipated to reach new heights in 2023, with the governments of Tanzania and Uganda seeking to increase upstream activities and hydrocarbon extraction to fuel economic growth. energy consumption

Source: IEA, Gas Market Report, Q2-2023


The importance of the Australian Oil and Gas sector to the nations economic and green energy future has increased, and ensuring a reliable investment environment would provide greater benefits to the country. Australia is the largest exporter of liquefied natural gas in the world, with an extensive pipeline network spanning the entire country. Compared to crude oil pipelines, gas pipeline capacity dominates the landscape. Australias pipeline and gas industries will have numerous opportunities in 2023.

The Vali Gas field was constructed in the South

Australian Copper Basin to provide the country with a new source of gas. The project includes installing metering facilities at the Vali facility, flowlines connecting the fields three completed wells to the metering facility, and two export gas pipelines from the field to connect with the Moomba gas gathering network at the Becker gas field. The export pipelines installation and pressure testing were concluded in December 2022.

Source: The Australian Pipeliner, March 2023 report

Hydrogen Pipelines

In 2021, the demand for hydrogen reached 94 million tons (Mt), recovering to pre-pandemic levels (91 Mt in 2019) and comprising approximately 2.5% of the

The majority of the worldsfinal growth was attributable to traditional applications in refining and industry, though demand for new applications increased to approximately 40 thousand tons, up 60% from 2020, though from a low base.

The use of hydrogen and ammonia is gaining traction in the power sector, with announced projects totaling nearly 3.5 GW of potential capacity by 2030.

The International Energy Agency (IEA) estimates that the demand for hydrogen will reach 115 MT by 2030, with less than 2 MT coming from new uses. This compares to the 130 MT that would be required to meet existing climate commitments made by governments around the world, and the nearly 200 MT that will be required by 2030 to achieve net zero emissions by 2050. A substantial proportion of projects are presently in the advanced planning phases, whereas only 4% are under construction or have reached the final investment decision (FID) stage. Although it is anticipated that the project pipeline will continue to expand in the future years, there is a need to provide early support for projects so that they can attain FID and scale-up.

This will require a massive infrastructure build-out as pipelines will be required to transport Hydrogen. Rystad Energy estimates that there are about 91 planned hydrogen pipeline projects in the world, totaling 30,300 km and due to come online by around 2035. Today, more than 4,300 km already exists for hydrogen transportation with more than 90% located in Europe and North America.

New hydrogen infrastructure is starting to materialize as the world seeks to accelerate its path to net-zero. Hydrogen has a high gravimetric energy density and a low volumetric energy density. This means that among options, hydrogen pipelines will be far better than vessels at moving hydrogen over short to medium range distances.

In cases where hydrogen will be shipped (as hydrogen or its derivatives), it will eventually be distributed on land using hydrogen pipelines, which makes transport via pipelines a critical transportation mode for the gas. Hydrogen pipelines are already used to supply industrial hubs (at petrochemical plants for example). As supply scales up and moves from areas with abundant and renewable energy to demand centers, long transmission lines will be a necessity and these pipelines would require larger diameters and higher pressure for cost effectiveness and consequently higher steel grades.

Globally, Europe is at the forefront of efforts to produce and import green hydrogen and its attention is now turning to building the necessary infrastructure to get it to demand centers. According to Rystad Energy research, Spain, France, and Germany are among the countries committed or considering cross-border tion Reduction Act pipelines to facilitate energy flows, while the UK with its extensive gasgridfindsitself in a strong position to switch from natural gas to hydrogen.

Several policies and guidelines have been established by India to promote green hydrogen, including the Green Hydrogen Policy, Harnessing Green Hydrogen by Niti Aayog, and the National Green Hydrogen Mission (NGHM). The NGHM aims to achieve a green hydrogen production capacity of at least 5 MMT per year, generate investments of over 8 lakh crore, and create over 6 lakh jobs. The government has taken significant steps, such as waiving inter-state transmission charges and providing GH2 plants with open access to the grid. The government has announced 19,744 crore in the latest budget for several programs to encourage green hydrogen, including domestic manufacturing of electrolysers and GH2 production.

Source: IEA, News Articles

Carbon Capture

CCUS (Carbon Capture, Utilization, and Storage) is a collection of technologies that can contribute significantly to global energy and climate objectives.

It involves capturing carbon dioxide (CO2) from large

emission sources like power plants or industrial facilities can also be

that use fossil fuels or biomass. The CO2

captured directly from the atmosphere. Once captured, the is compressed and transported to be used


in various applications or stored in deep geological formations for long-term storage.

While CCUS has not progressed as quickly as anticipated in the past, there has been substantial growth and momentum in recent years. Currently, there are approximately 35 commercial CCUS facilities worldwide, encompassing industrial processes, fuel transformation, and power generation. Additionally, there are around 300 projects in different stages of development across the CCUS value chain. Ambitious plans have been announced by project developers, aiming to have over 200 new capture facilities operational by 2030, with a capacity to capture annually.

more than 220 million metric tons of CO2

However, even with these developments, CCUS deployment would fall short of the requirements outlined in the Net Zero Emissions by 2050 Scenario. To bridge this gap, policymakers need to provide additional policy support and establish suitable legal and regulatory frameworks. There is a growing acknowledgment of the role of CCUS technologies in achieving net-zero goals, leading to increased policy support in various countries. For instance, the


(IRA) of 2022, which, along with funding under the Infrastructure Investment and Jobs Act, is expected to incentivize greater CCUS deployment.

Overall, CCUS holds significant potential for mitigating carbon emissions and aiding in the transition to a low-carbon future. Continued policy support and collaborative efforts between governments, industries, and researchers are crucial for realizing the full benefits of CCUS technology and achieving ambitious climate targets. Pipelines are the cheapest way of transporting in large quantities onshore and, depending on the


distance and volumes, offshore. Transport by pipeline has been practiced for many years and is already deployed at large scale.

Source: IEA



Water is central to economic and social development; it is essential for maintaining health, cultivating sustenance, managing the environment, and generating employment. Despite the significance of water, 2 billion people lack access to securely managed drinking water and 3.6 billion lack access to safely managed sanitation on a global scale. The Sustainable Development Goals (SDGs) on Water and Sanitation propose a broader agenda, which includes universal and equitable access to safe and affordable drinking water for all, as well as access to adequate and equitable sanitation and hygiene for all, and an end to open defecation, with special attention paid to the needs of women and girls as well as those in vulnerable situations by the year 2030. Additional aims that go beyond access are also being discussed, such as improving water quality by lowering pollution and greatly boosting water-use efficiency. In the past decade, the World Bank Group (WBG), the largest multilateral source of financing for water supply and sanitation (WSS) in developing countries, has sanctioned 262 water projects totaling US$ 31.2 billion, of which US$ 21.3 billion, or 68%, are being classified as WSS projects.

In recent years, the increased value of adding environmental, social, and governance (ESG) and water stewardship scopes has become apparent, not only in a commercial sense, but also in the broader context of overall water sustainability, in order to provide positive outcomes for all parties. Even though the water, sanitation, and hygiene (WASH) and health sectors are linked, there is a lack of coordination and governance since they are headed by separate ministries, local authorities, international organizations, non-governmental organizations, and players from the business sector. For this reason, coordinated relationships at the scientific, strategic, and operational levels are essential in order to optimize and expedite the beneficial health outcomes that may be achieved via WASH.

Source: UN World Water Development Report 2023


Water resources are crucial to the economy of a state because they are used in agriculture and related industries, rural development, drinking water and sanitation, energy production, and transportation. India requires an integrated water management strategy. Due to the pandemic, the importance of water, sanitation, and hygiene as critical determinants of health and nutrition has increased over the past two years. It is well established that safe, potable water, adequate sanitation, and excellent hygiene contribute to the prevention and promotion of disease. Therefore, all three have positive long-term economic consequences. This includes the Jal Jeevan Program, which comes under the Ministry of Jal Shakti and seeks to promote water conservation in the majority of Indias severely water-stressed districts.

India has made substantial investments in the water infrastructure required to provide irrigated agriculture to vast areas of the country over the past 50 years. The Ministry of Jal Shakti was allocated a budget of

97,278 crore for FY24. This is consistent with the governments aim of providing functional tap water connections to all households by 2024. The Union Budget allocated 77,223 crore to the Department of Drinking Water and Sanitation and 20,055 crore to the Department of Water Resources, River Development, and Ganga Revitalization.

The Jal Jeevan Project has been allotted 70,000 crore for FY24 in order to provide every household with a tap water connection. The budget for the Jal Shakti Ministry increased to 97,278 crore from 74,029 crore in the previous year. In FY24, the Swachh Bharat Mission (Gramin) was allocated 7,192 crore, a significant increase from the previous budget allocation of 5,000 crore. More than 1.55 million villages in India, or 25% of the total number of villages, have reported ‘Har Ghar Jal, which means that every household in these villages has access to pure drinking water via taps on the domestic property. During the first three months of 2023, the Jal Jeevan Mission installed an average of 86,894 new tap water connections per day.

Budgetary Allocations for JJM (Jal Jeevan Mission) and Swachh Bharat Mission (in Crore)

During the non-monsoon season, agriculture is nearly impossible without irrigation facilities. For India to increase its economic competitiveness and emerge as a global power, it is necessary to develop a modern, world-class water infrastructure by integrating all stakeholders into comprehensive planning and implementation to achieve efficiencies and synergies in large-scale project execution.

All National Perspective Plan (NPP) priority river linking initiatives will be completed by 2030. Connecting rivers would enhance the quantity of water available for domestic and industrial use as well as the area of land irrigated. The Accelerated

Irrigation Benefit Programme (AIBP) was established in 1996-97 to provide financial assistance to states and allow them to expedite the implementation of major/minor irrigation projects that had been stalled due to financial constraints. In 2023-24, the AIBP has been allocated 3,122 crore. This scheme has created approximately 620 hectares of irrigation potential as of February 6, 2023. AIBP has incurred a total expenditure of 23,902 crore and states have received

4,536 crore in central assistance. This contains six new AIBP initiatives initiated after 2021-22. As farmers become less dependent on rainwater, their incomes and consumption will increase. Water usage would be reduced if traditional tank and canal irrigation were replaced with more effective alternatives such as the use of pipeline for transporting water to curb loss due to evaporation.

Source: World Bank, Union Budget FY24

Water Segment in Middle East

In light of the increasing water deficit and the projected continuous growth in water demand over the next few years, advancing the non-conventional water resources (NCWR) agenda in an integrated and cross-cutting manner has become an irreplaceable strategic option for achieving more sustainable water security in the Arab Region in the future. More than ever, dialog between diverse actors is required to explore innovative solutions and mobilize public and private actions to improve the integrity of water resources and ensure their sustainability. Investment in new initiatives is an essential matter, whereas securing the necessary funds is a significant obstacle to implementing government plans.

According to UNICEF, eleven of the worlds seventeen most water-stressed nations are in the MENA (Middle East and North African) region. Due to economic and population growth, these nations have adapted desalination techniques to meet their rising water demand. The development of desalination will continue to be crucial to the Gulfs social and economic growth. Governments are accelerating their efforts to increase industry investment through PPP methods. With the UAE (United Arab Emirates) and KSA (Kingdom of Saudi Arabia) taking significant measures, other countries in the region are expected to follow suit. According to the Arab Water Convention report, US$ 73.6 billion worth of water initiatives are planned for or under construction in this region in 2023. The UAE Water Security Strategy 2036 seeks to reduce demand for water resources, increase water productivity, increase water-use efficiency across sectors, improve water quality by reducing pollution, and ensure equitable access to safe, affordable water. Saudi Arabia is also making substantial investments in its water infrastructure, with US$ 14 billion worth of water initiatives currently under construction. Water desalination projects worth US$ 33.6 billion are under construction in Saudi Arabia. This includes a water desalination plant project worth US$ 14.58 billion, a water distribution network project worth US$ 11.11 billion, a dam/reservoir project worth US$ 6.45 billion and US$ 1.47 billion worth of other water infrastructure projects in Saudi Arabia. Water infrastructure projects totaling US$ 14.47 billion are under construction in the UAE, US$ 6.12 billion in Oman, US$ 4.87 billion in Jordan, US$ 2.44 billion in Kuwait, and US$ 1.55 billion in Qatar.

Recent reforms in Saudi Arabia have resulted in a significant decrease in water use by the agricultural sector, the construction of more energy-efficientreverse osmosis (RO) and solar-supported water systems, and the elimination of longstanding water subsidies that kept the cost of water to consumers between 5 and 10% of the actual production cost. In 2018, the KSA introduced a new National Water Strategy to resolve these challenges and ensure cost-effective and sustainable solutions for the kingdoms water needs over the next decade.

The largest desalination corporation in the world, Saudi Arabias Saline Water Conversion Corporation (SWCC), intends to increase the private sectors contribution to water desalination from two million m3/day to seven million m3/day by 2026. Given the vast geography of

Saudi Arabia, transportation of desalinated water to its demand centers is of key importance. Today around 13.9 million cubic meters per day can be transported across the country. This capacity is currently being increased by 56%, and a further expansion by 44% is planned by 2030.

In FY23, WCLs associate Company, East Pipes Integrated Company for Industry in the Kingdom of Saudi Arabia has announced signing contracts for the supply of Steel Pipes for Water Transmission with NEOM with total value of around SAR 373 million inclusive of value-added tax.

Source: 2023 Arab Water Convention report, US-Saudi Business Council


During 11M FY23, the crude steel production and finished steel production increased by 4% and 6.2%, respectively, on a y-o-y basis. Domestic consumption of finished steel increased by 11.6% y-o-y to 107 million tons during this period.

Domestic finished steel production grew by 18.1% y-o-y to 114 million tons and consumption grew to 106 million tons in FY22, up from 95 million tons in FY21, an increase of 11.4% y-o-y, on account of the increased pace of execution of infrastructure projects as well as the resumption of real estate and construction activities on a lower-base of FY21.

According to CareEdge Research, Indias steel production is estimated to be within the range of 123-127 million tons, representing a growth rate of 4-7% in FY24. The domestic consumption growth rate is also expected to be healthy at 8-10% in FY24, driven by increased infrastructure spending, a surge in real estate and construction activities, and strong auto sales.

In April 2022, the average domestic finished steel prices reached their peak at 96,079 per ton largely due to the Russia-Ukraine crisis. However, after a sharp increase, they began to decline and fell to 69,084 per ton in December 2022, representing a 17% year-on-year drop. This decline was caused by the imposition of an export duty on a range of finished steel products, leading to lower exports and an increase in domestic inventories. Additionally, the prices of iron ore softened by about 21% to 4,100 per ton until December 2022, compared to 5,965 per ton in May 2022. This was due to an increase in domestic supply following a hike in the duty on iron ore exports to 50% since May 2022.

After the reduction in export duty on iron ore in November 2022, domestic prices began to rise. In January 2023, NMDC increased the prices for iron ore lumps and fines, prices. In February 2023, iron ore prices increased by 2% month-on-month to 4,400, resulting in higher domestic steel prices. Going forward, it is expected that domestic steel prices will continue to track global prices. Global Prices could trend lower under the combined weight of a slowdown in global demand, influx of cheap imports from far-eastern Asia and

Russia and cooling raw material prices.

Source: Company, CARE Ratings


Infrastructure investment is witnessing an impetus from the government as India aims to achieve a US$ 5 trillion economy. A series of structural reforms have been announced that have set the foundation for economic growth on the back of infrastructure development. One such reform was the launch of the PM Gati Shakti National Master Plan. The 100 lakh

Global Stainless-Steel Production (in MMT) crore mega plan was launched with a digital platform to bring 16 ministries together for integrated planning and implementation of projects.

Under the Pradhan Mantri Awas Yojana-Urbans (PMAY-U) ‘Housing for All mission, central assistance has been provided to states and Union Territories (UTs) since 2015 for giving all-weather "pucca" houses to eligible urban beneficiaries including homeless people.

Overall, the focus on development is visible and the demand for Long Steel Products will be supported by increased spending on infrastructure and construction.

The key target market for WCL is the state of Gujarat where the estimated annual demand is 3 million MT per annum driven by spending on housing and construction.

Within Gujarat, there is a healthy demand in Kutch which will be a priority market for WCL due to its strong presence. which further boosted the


Stainless Steel is a crucial component in numerous industrialapplications,includingbuilding&construction, infrastructure, railways, automotive & transportation, and the process industries. It has a distinct advantage over carbon steel due to its unique combination of properties, including malleability, strength, corrosion resistance, aesthetic properties, minimal maintenance costs, and an average product life cycle. The global stainless-steel production decreased by 5.2% YoY to 55.3 MMT in 2022, as compared to 58.3 MMT recorded in 2021, primarily due to supply chain disruptions.

China continued to lead the world in production despite a 2% decline in output to 32 MMT in 2022. The production in the remainder of Asia decreased by 4.9% to 7.4 MMT. The United States production decreased 14.8% in 2022 to 2 MMT.

Share in stainless and heat resisting steel melt shop production (ingot/slab equivalent): 2022 (In MMT)

The market for stainless steel is anticipated to be driven by demand in mechanical, chemical, and energy applications. These diverse applications include oil industry tubulars, heat exchangers, heat vessels, boilers used in power plants and furnace plants, and components used in pulp & paper, chemical, and food & beverage processing machinery.


WCL has acquired Sintex-BAPL through a resolution plan approved by the Honble National Company Law Tribunal, Ahmedabad. This Transaction is in line with WCLs strategy to build a building material portfolio and create a robust distribution channel (B2C Strategy) which is in sync with Welspun Groups Vision.

WCL will be leveraging Sintexs vast distribution network of 900 Distributors and 13,000 Retailers.

Sintex is a powerful brand and gives WCL access to the market. It is one of the only truly National brands in the country with a premium positioning. Sintex is the best-known brand in water storage tanks in India. The brand connect with Sintex is synonymous with Water tanks.

The estimated Market Size of Water Tanks is in the range of 4,500 - 5,000 crore with 60% of the market consisting of unorganized players.

The current market share of Sintex in Water Tanks is estimated to be at about 9%. At its peak, Sintex was the undisputed market leader with more than double the current market share. But in the last few years, several new entrants have made a dent in the market. WCLs endeavor will be to recoup as much market share as possible.

WCL will make every effort to re-energize the distribution network, product & brand and combine this with its strength in Supply Chain efficiencies.

The Company has two distinct product portfolios. On the consumer portfolio, the Company produces Sintex water storage tanks for residential and commercial storage. Apart from this, the Company also manufactures UPVC based interior products and has a pan-India after-sales service. On the institutional portfolio, Sintex manufactures several products like industrial containers, electrical boxes, underground tanks for water and fuel storage, large capacity SMC panels, packaged sewage treatment plants, septic tanks and biogas plants. In addition, the Company makes parts and panels for metro and railway business and has also been exporting these products to the US market.

The Company has manufacturing facilities at six locations, including Kalol in Gujarat, Nalagarh in Himachal Pradesh, Namakkal in Tamil Nadu, Uluberia in West Bengal, Butibori in Maharashtra and Guwahati in Assam. All the facilities manufacture water tanks, except Kalol, where all other products are also manufactured. The combined capacity of these plants put together is close to 70,000 tons. The plants are equipped with technologies like roto molding, blow molding, sheet molding compound, UPVC extrusion and fiber reinforced plastics.

Manufacturing Presence: Pipes & Steel

The Companys multi-product capacity is spread across the key markets of India, US and Saudi Arabia.


India US Saudi Arabia

Products / City

Anjar Mandya Bhopal Jhagadia Little Rock Dammam Total
LSAW 350 350
HSAW 250 150 305 350 375 1,430
ERW/ HFIW 200 175 375

Total Line Pipes (KMT)

1,255 525 375 2,155
TMT Bars (KMT) 350 350
DI Pipes (KMT) 400 400
SS Bars (KMT) 150 150
SS Pipes (KMT) 18 18


FY23 Highlights

Order Book (Line Pipes)

Line Pipe Sales ESG Business Growth & Dividend
FY23 has been a success as the During the year, WCL has taken Diversification For FY23, based on the Companys

The Company has an order book (including Saudi Arabia) of

Company has achieved 1,002 KMT of Line Pipe several interventions aligned with global ESG standards. WCL completed the acquisition of the Plastic growth plans and cash position, the Board of Directors

1.1 million metric tons ( 14,600 crore) as on

Sales through its plants in USA, Saudi Arabia and India. WCL was ranked in the Top 7% in the Steel Industry on Products business of Sintex BAPL and Specified Assets have recommended a dividend of 5.00 per equity

May 30, 2023.

This is the 8th time in the last 10 years the Company has sales of more than a million metric tons. DJSIs Corporate Sustainability Assessment. of ABG Shipyard. share.


Risk Description

Risk Direction

Risk Response/Mitigation

1 Oil prices drop and slow recovery Cyclical

1. Conducting rigorous stress tests and considering hypothetical scenarios to assess the firms ability to weather an economic downturn can then help improve efficiency and productivity

nature of business

2. Undertake operational savings initiatives with a strong ROI

3. Strong customer engagement - Prioritize initiatives that enable high value customers to be identified and retained

4. Focus on water & structural business to de-risk operations
5. Tap on the future CAPEX prospects of oil & gas giants

2 Commodity Price Risk

6. Reduced dependency of the overall business on the O&G sector through Business Diversification To mitigate the commodity price risk, the following actions are initiated:

Cost of Components - increase / decrease

1. Develop a dedicated strategy for components that are subject to volatility

2. Use financial and operational hedging
3. Monitor pricing trends
4. Manage inventory to soften impact of price changes e.g. stockpiling
5. Manage multi-currency business through proper hedging
6. Continuous engagement with Steel and Coating materials suppliers

7. De-risking potential value loss by back to back coverage of Steel of Oil and Gas orders

3 Policy shift globally towards Environment

1. Horizontal diversification of business - DI pipes and HDPE / CPVC pipes

and Green Energy (away from O&G)

2. Venture into product diversification - Stainless steel pipes

3. Explore opportunities to develop new products with focus on environment and green energy

4. Strong Research and Development team to support new products including futuristic hydrogen pipeline

4 Increased Competition

1. Regular customer satisfaction survey and engagement mechanism to sustain strong relationship with customers

2. Continue to undertake operational savings initiatives to remain cost efficient

3. Data analysis to help businesses spot trends and gain a competitive edge

4. Gather intelligence and assess risk
5. Use industry research and advisory firms to scan for competitive risk
6. Periodic monitoring of all actions of competitors
7. Improve competitive analysis
8. Leveraging technology and innovation to enhance
customer experience

5 Damage of Reputation/Brand

1. Maintaining highest product quality through rigorous operational processes, quality control and inspection at multiple stages is built into the Welspun ecosystem

2. Zero tolerance to non-compliance and unethical practices at Welspun

3. Statements in public forums and media can only be as per internal policies

4. Adhere to Corporate Communication guidelines

5. Address social concerns with the support of a dedicated CSR team to enhance social license to operate


Risk Description

Risk Direction

Risk Response/Mitigation

6 Cyber Attack Data Breach

1. Get the essentials in place e.g. anti-virus, firewalls, password use, whitelisting, access control, SSL, SSO Network and data encryption

2. Conduct component-driven and system-driven risk assessments
Business Continuity 3. Conduct security audits regularly


4. Have a procedure which will be triggered in the event of loss or a suspected attack

5. Restricted access control to the physical equipment
6. Logical access to shared data using Active Directory

7. Symantec Endpoint Protection against Viruses, Malware, Adware, Spyware

8. Review Privilege access on regular interval and implement Central Logging Server

9. Critical servers are stored at multi locations with parallel run
10. Invest in Research and Development team
11. Beta test new technology

7 Succession Planning Talent Management

Human Capital plays an important role in achieving purpose and strategy. We have carved out below strategy for robust implementation of succession planning:

Internal Management Bandwidth and

1. Identify the key personnel to succeed the Senior/Middle Management


2. Formulate a one/two year training and upskilling plan for the incumbents depending on the future role

3. Invest in training in Group Leadership Programs
4. Attend senior managerial courses from reputed institutes
5. Invest in training of all identified second line Managers
grooming period

8 Failure to Innovate / Keep pace with modern technology

7. Periodic Job rotation Innovation found in smaller, incremental changes – such as creating operational efficiencies, finding new ways to serve customers or even creating new solutions to address more traditional risks – is equally as important as the headline-making transformative technologies.

Meet Customer Needs

For innovation, data analytics improve organizations understanding of consumer needs and provide perspective on how to shift their business model to keep up with consumers demands.

There is a dedicated research & development team that focuses on continuous engagement with customers to develop niche products.

The below initiatives are undertaken for innovations -
1. Off-loading and stockpiling leading to customer satisfaction

2. Moved to shared service center model wherein back- are moved to shared service and new-age technologies are being implemented with well-defined performance parameters (SLAs)

3. Continuous engagement with clients to produce and supply niche products

4. Continuous training of manpower and upgradation of technology
5. Strong Research and Development team
6. Move towards more patenting technology

7. Sustaining the brand value and customer loyalty through fulfilling stakeholder expectation towards better climate resilient operation


Risk Description


Risk Response/Mitigation


9 Business Interruptions a) Geopolitical Issues

1. Identified areas of vulnerability from external forces that could disrupt operations and extent of potential losses, as well as the probability of an occurrence

b) Trade Sanctions 2. Strong liaisoning across multiple locations

c) Natural Disasters / Acts of God

3. Considered proactive steps (including risk engineering, risk and change management) to handle business interruption risks

4. Respond to sanctions through the legal process
5. Insurance cover to shield against natural disasters

6. Identification of physical risk due to Climate Change and implementation of mitigation & resilient actions

10 Compliance 1. Ensure adherence to Code of Conduct
2. Legal compliance through We Comply
3. Adherence to Regulatory Compliance
4. Continuous internal audit
5. Ensure adherence to ethical guidelines
6. Closely monitoring of all government guidelines/notifications
7. Commitments on enhancing Renewable Energy consumption

8. Adherence to Perform, Achieve, Trade (PAT) scheme by Bureau of Energy Efficiency (BEE) to reduce specific energy consumption

11 Relationship 1. Strong engagement with customers
2. Managing relationship with bankers
3. Maintaining relationship with steel suppliers
4. Strong engagement with logistics vendors
5. Address social concerns with the support of a dedicated CSR team
to enhance social license to operate

12 Trade Policy Changes

1. Proactive engagement and representations through Industry Associations to various Government Agencies

13 Project Financing

2. Policy advocacy undertaken to advocate best available practices Tied up with lenders for Project Financing & leveraging strong relationships with bankers

14 Working Capital Limits

Maintaining strong relationships with the bankers and through continuous engagement and timely resolution of the Bankers queries.

There are effective internal controls in place which ensure that all the banking related issues are resolved within given timelines.

Human Resource:

At Welspun Corp Limited, with diverse businesses expanding across geographies, it is imperative to remain agile and be well equipped to adapt to these developments. That entails a philosophy to groom & develop internal talent and for future roles in the organization.

We strive to bring in the right fit in alignment with fostering diversity and inclusion. Our focus is on employee development, well-being and benefits which results in enhanced productivity, and an engaged workforce that delivers superior results.

Employee Development & Engagement

We have a structured talent management framework to provide our employees with skill sets that make them future-ready and help them get better outcomes and results to boost the Companys profitability.

As communication and transparency play a major role in boosting employee morale, our focus has always been to update our employees through various communication channels on business updates, challenges and the way forward. To ensure the right set of communication with our employees, we have many platforms and tools that encompass transparency for our employees as well as our customers.

This comprises Employee Communication, Employee Connect & Branding, Learning Interventions and Reward and Recognition. Periodic Town halls and skip level meetings are examples of offering a platform to keep them informed about organization progress, initiatives and understand their aspirations & concerns.

Apart from the above, various engagement drives are initiated to engage employees. Monthly birthdays and anniversaries, festivals, International and National



Established Brand Equity in the global large dia. pipe market Global reach, clientele and supply chain base Technical capability (Deep water and Sour service capability) and strong execution track record Technological leadership Local presence in major markets

Diversified order book Diversified product portfolio

Experienced management team


Relatively low capacity utilization in the Indian mills Excess capacity and aggressive competition in India


New products/applications New markets across the World Ability to deliver on technologically challenging specifications

Replacement pipe demand potential


Volatile commodity prices Preference for local producers and tariff/non tariff barriers in many export markets Potential delays in large projects Delay in ramp-up of new businesses day celebrations, and safety week celebrations are some of the initiatives that keep our employees engagement levels high. Annual day celebrations at site locations creates enthusiasm and its helps to have family bonding as well. In this celebration, we recognize employees with long service awardees, excellence awards.

Annual Sports is a powerful medium that brings employees together as they develop sense of oneness. Sports and games impart the essential skills of teamwork, team spirit, cooperation, health and fitness and are engaging methodology for employee engagement and culture building. Various sports, like, cricket, chess, badminton and table tennis tournaments, along with running competitions, were organized at plant locations.

Employer Branding through Campus Hiring and technical tie-up for skill availability were good initiatives to bring in fresh ideas to work along with experienced professionals to achieve blended workforce. We have designed and implemented Campus to Corporate programs with structured periodical assessment, panel interviews to facilitate development of GETs, DETs and MTs. They also get exposure to behavioral training programs that help them to acclimatize themselves to the organizations culture. During this year, we have joined hands with technical institutions like engineering, ITI colleges to hire a technically skilled workforce that enables businesses to get key engineering know-how that can bring technological enhancement in the organization.

Learning interventions are crafted considering the diverse strata of talent within an organization. Our customized learning journey covers functional, behavioral, and leadership development programs.

Our programmes focus on various drives that are designed in line with Welspuns Values, and our self-learning platforms like WeWisdom and WeLearn provide our employees with the opportunity to learn anywhere, any time through micro-learning modules, book reviews, and videos that are designed based on current practices and success stories from across the globe.

To create a competitive environment, we have initiated face-off challenges & leaderboards to ensure employees endeavor to get revamped. Recognizing top learners boost their confidence and urge for learning.

Wisdom through Video (WTV) is an initiative where employees are invited to watch TED Talk videos together and brainstorm on various learnings from them. Topics of WTV are also recommended by the eminent team members.

Monday Morning Read (MMR) to conquer the Monday morning blues, we send a fable to all the employees across locations to kickstart the week.

Welspun Culture & Values Integration Workshops were organized, referring to expansion of WCL Family with new SBUs. This was arranged to imbibe and cascade Welspun Values.

Functional Competency Framework: To standardize functional competencies across various functions and locations. A functional competency framework has been crafted for Pipes vertical. With a defined competency framework, we will have clear visibility into employees development plans.


We have embarked on our ESG journey with a focused approach to promote health, well-being of all stakeholders and inclusive growth. Ensuring a healthy and safe work environment is never compromized at WCL. We strive to maintain the highest safety standards to reduce incidents from occurring. The safety culture is driven by the top management and executed at every level through the EHS Management System. Feedback from employees is regularly obtained on various health and safety considerations. In each level of the committee, there is participation from non-managerial workers.

Under Environment,beingresponsibleformanagement of natural resources and to sensitize employees on carbon emission while they opt travel modes to the workplace, we carried out Carbon footprint survey & advisory to curb carbon footprint.

Under Social, Gender Diversity becomes the foremost important parameter in line with an inclusive environment and with a focused approach we are improving. We started our journey with 81 and now we have reached 133 female employees across WCL.

WeVolunteer, an online volunteering opportunity, provided a unique opportunity to give back to society. Our employees showed keen interest and supported Health and Education pillars through Wel Netrurva, Wel Shiksha, Storytelling initiatives whole-heartedly. Daan Utsav is one of the most appreciated initiatives where across WCL employees are supported.

Under Governance, with an objective to carry out business operations in a fair and ethical manner, initiated compliance awareness and training modules of CoC, PoSH, Ethical Dilemma and ABCs of Sustainability.

Employee Wellbeing

Our employees are our greatest resource and we ensure weprovideadequateopportunitiesfortheirprofessional development as well as wellbeing. We diligently promote a conducive work environment with a good work-life integration for all employees. We have a comprehensive employee benefit plan which includes parental leave, mediclaim policy that covers employees immediate family, personal accident insurance, term life insurance, travel insurance, leave benefits, provident fund, and car lease, among other benefits, employees. Besides this, socio-cultural activities like get-togethers, yoga, meditation, sports competitions, festival celebrations and community programs are also organized. Wellness corner, Welspun Radio and WeVolunteer app has provided a technical edge to it in line with continual improvement process.

Awards & Recognition

1. Leadership Award for promoting Behavior Based Safety Approach for "Health, Safety

& HIV prevention at world of work by CSD Gujarat - May 2023

2. "PLATINUM AWARD in 14th EXCEED Green Future Award & Conference 2023" in Environment Sustainability category by EKDKN – May 2023

3. Green Leaf Award 2022 "PLATINUM AWARD" under "Environment Excellence" by Apex India Foundation – Mar 2023

4. International Safety Award from British Safety Council UK - Winner of MERIT by British Safety Council UK – Mar 2023

5. PLATINUM AWARD in Apex India "Occupational Health & Safety" in Engineering Sector by Apex India Foundation – Aug 2022

6. OHS Champion Award 2022 (Mr. Vikram Jaish) by

Apex India Foundation – Aug 2022

7. WINNER of "22nd Greentech Environment Award 2022" for outstanding achievements in "Environment Protection" category by Greentech Foundation – Jul 2022

8. Certificate of Appreciation From Allseas &

Santos for BAROSSA Gas Export Pipeline Project, For contribution & achievement of 500,000 safe man-hours without reportable incident during the projectbyAllseas(ClientAppreciation)–Apr2022

9. "FAME NATIONAL AWARD 2023" in Platinum category for Outstanding Project on "Quality Excellence" in Construction & Engineering Industry by FAMA India – Apr 2023

10. "GOLD AWARD" for the 14th QCI –D.L. Shah Award 2021 – Oct 2022

11. Golden Peacock National Quality Award – 2023 12. WCL Mandya received Gold Award for KAIZEN participation in 6th Chapter Convention on Quality Circle of Mysuru chapter 2022.

13. WCL Bhopal received Gold Award in 11th Exceed Occupational Health, Safety award in 2022 in Manufacturing sector on the National level. 14. WCL Bhopal received Gold Award in 12th Exceed Environment Sustainability Award in 2022 in Pipe Manufacturing Sector on the National level.

Employee Count as of March 31, 2023


Headcount (Nos.)
Staff + Associates 4,786
Contract Labor 2,031

Internal Control & Adequacy

The management of the Company ensures that the internal control system is adequate and commensurate with the size and scale of the Companys operations and designed to provide reasonable assurance that assets are safeguarded and transactions are rightly executed and recorded in accordance with management authorization and accounting policies. The existing policies are subject to periodic reviews to align with the changing business needs, improve governance and to enhance compliance with evolving regulation.

All the records are adequately maintained for preparation of financialstatements and other financial information. Apart from internal controls, the Company also audits the efficiency and security of its operations, its information technologies and data, in accordance with the global standards. The Audit Committee of the Company met 17 times during this year to review, among others, the internal audit reports as well as the internal control systems and financial disclosures.


This discussion on Financial Analysis is for consolidated financials of the Company during 2022-23. The FY22 numbers are shown on a comparable basis for all statements of Profit and discussed below:

1. Volumes

Production and Sales in KMT – Line Pipes (including Saudi Arabian JV) Pipe production volume for FY23 (including Saudi) stood at 1,076 KMT. Pipe Sales volume (including Saudi) for FY23 stood at 1,002 KMT. The overall installed capacity of pipes is 2.2 million MTPA, making the Company one of the largest line pipe companies in the world.

Sales Volume - Line Pipes (KMT)

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

1,019 1,152 1,100 936 1,082 1,279 1,502 1,003 796 1,002

Sales in KMT – Billets & TMT

Billet Sales volume for FY23 stood at 136 KMT. TMT Bars Sales volume for FY23 stood at 18 KMT.

Sales in KMT – Pig Iron & DI Pipes

PigIronSalesvolumeforFY23stoodat158KMT. DIPipesSalesvolumeforFY23stoodat37KMT.

Sales in MT – Stainless Steel (SS)

SS Bars volume for FY23 stood at 6,869 MT. SS Pipes volume for FY23 stood at 4,059 MT.

2. Consolidated Revenues

Revenue from Operations

Total Revenue from Operations higher due to higher volumes

Breakup of various cost items as a %age of Sales (Consolidated)


FY23 FY22
Crore % Crore %

Continuing Operations

Total Revenue from Operations

9,758 100.0% 6,505 100.0%
Cost of goods sold 7,254 74.3% 4,758 73.1%
Employee benefit expense 541 5.5% 383 5.9%
Other expenses 1,479 15.2% 892 13.7%

Total Expenses

9,274 95.0% 6,033 92.7%
Other Income 320 3.3% 551 8.5%


805 8.2% 1,023 15.7%
Depreciation and Amortization 303 3.1% 255 3.9%
Finance Cost 243 2.5% 102 1.6%

Profit before tax and share of JVs

258 2.6% 666 10.2%
Share of profit/(loss) from Associates and JVs 75 0.8% (6) -0.1%
Tax expense 134 1.4% 216 3.3%
Non-controlling interest (8) -0.1% 5 0.1%

PAT after Minorities, Associates & JVs

207 2.1% 439 6.7%

a. Cost of goods sold

Increased as a % of Sales due to high raw material costs in Welspun Metallics Limited

b. Employee Benefit Expenses

Higher employee expenses due to ramp-up of

US plant and the greenfield plants in India

c. Other Expenses

Increased by 66% YoY due to ramp-up of US plant and the greenfield plants in India

d. Other Income

Lower as FY22 included Gain on Sale of 359 crore on listing of Joint Venture Company in Kingdom of Saudi Arabia. FY23 includes Gain on Sale of Land in Dahej of 104 crore.


EBITDA margin decreased to 8.2% in FY23 from 15.7% in FY22 primarily due to EBITDA loss in Welspun Metallics Limited

f. Depreciation/Amortization charge

Depreciation/amortization increased due to the addition to Gross Block primarily due to new greenfield plants in India

g. Finance Costs

Finance costs increased by 139% in FY23, mainly on account of higher gross debt for the new greenfield plants and acquisitions

h. Share of profit/(loss) from Associates and JVs Higher due to profits in Saudi JV for the year i. Tax Expense

Effective tax rate is high this year because of deferred tax asset created at a lower rate in the new businesses which made a loss and creation of tax provision on undistributed profits in associates.

j. PAT after Minorities, Associates & JVs Lower in FY23 vs. FY22 primarily on account of loss in Welspun Metallics Limited

3. Table: Balance Sheet (Consolidated)


As at March 31, 2023 As at March 31, 2022
Net Worth 4,844 4,528
Long-Term Debt 1,926 1,429
Short-Term Debt 1,390 592
Gross Debt 3,316 2,021
Cash & Cash Equivalents 2,178 2,195
Net Debt / (Cash) 1,138 -173
Net Fixed 4,423 3,216
Assets (incl. CWIP)
Current Assets 9,650 4,316
Current Liabilities 8,165 2,956

. Networth:

Networth as on March 31, 2023 has increased due to higher retained earnings

5. Net Debt / (Cash):

Net Debt position stands at 1,132 crore as of March 31, 2023 after accounting for cash & bank balances and liquid investments. There has been an increase in the Net Debt position primarily due to the Capex undertaken for the Ductile Iron Pipe plant and acquisition of Sintex BAPL and Specified

Assets of ABG Shipyard.

6. Net Fixed Assets (including CWIP):

Net Fixed Assets have increased due to addition in the Ductile Iron Pipe plant and acquisition of Sintex

BAPL and Specified

7. Current Assets & Liabilities:

Current Assets & Current Liabilities have increased mainly on account of ramping up of US Operations.

8. Cash Flows:

The table below summarizes our cash flow for the periods indicated:


FY23 FY22
Net cash generated from (185) 218
operating activities
Net cash generated from (417) (209)
investing activities
Net cash generated from 909 453
financing activities

Net change in cash and of ABG cash equivalents

307 462

9. Return on Net Worth:

Return on net worth was 4.3% in FY23 vs. 10.2% in FY22. The decrease was on account of an increase in Net Worth and lower profit for the period.



31-Mar-23 31-Mar-22 Comments
1 Debt Equity Ratio 0.68 0.45 Higher due to increase in gross debt

2 Interest Service Coverage Ratio

2.97 9.73 Lower earnings before interest on borrowings and tax & higher interest on borrowings led to a lower ratio

3 Current Ratio

1.18 1.49 Lower ratio driven primarily by an increase in current liabilities

4 Debtors Turnover (no. of days)

43 46 Increase in trade receivables offset

by higher sales

5 Inventory 169 86 Change driven by higher average
Turnover (no. of days) inventory in FY23
6 Operating EBIDTA Margin (%) 8.84% 15.52% Impacted by loss in Welspun Metallics Limited
7 Net Profit Margin (%) 2.04% 6.83% Impacted by loss in Welspun Metallics Limited




Large Diameter Pipe and Coating Amongst the Top 3 Complete Pipe Solutions DI Pipes Integrated producer SS Pipes Integrated producer

Building Materials Water Storage Tanks, Plastic Pipes*, TMT Rebars Interiors, Fittings, Adhesives* One-stop solution in Building material

Our position Focus

manufacturers globally O&G, API, Water & New Energy from steel-making to finished products Sewage, Drinking water under Jal Jeevan Mission from steel-making to finished products Nuclear, Defense & Power

Brand Sintex with pan-India presence B2C


Guidance for FY24

Top line of 15,000 Crore (growth of ~ 50%) EBIDTA of 1,500 Crore (growth of ~ 90%) ROCE of 16% + (from 7% in FY23) Only Maintenance Capex

Strong focus on growth of Sintex, DI Pipes and WSSL Increase in DJSI ESG rating to 60+