Welspun Corp receives new order of Rs 611 crore

25 Apr 2024 , 08:38 AM

Welspun Corp has secured an international order worth ₹611 Crore for supplying pipes and related items. The Mumbai-based company received a binding Letter of Award (LoA) for supplying LSAW pipes, coating, and bends in Latin America.

The LoA is subject to conditions precedent and will be followed by a notice to proceed/purchase order by the second week of May. Execution of the contract is scheduled for the ongoing fiscal year 2024-25.

Welspun Corp Ltd (WCL), part of Welspun Group, is a major global manufacturer of large diameter pipes with a presence across six continents.

Following the announcement, Welspun Corp’s shares rose by 2.31% to ₹574.75. The company’s business primarily involves the manufacturing and distribution of steel and related products. In Q3 FY24, Welspun Corp reported a consolidated net profit of ₹291.86 Crore, a significant increase from ₹23.24 Crore in Q3 FY23, with net sales reaching ₹4,749.71 Crore, up by 97.7% year-on-year.

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