Welspun Corp, one of the largest end-to-end piping solutions providers, recently announced an increase in their net profit and doubling of revenue from operations to INR 4,750 crore. The company has unveiled a capex of INR 500 crore for a new DI pipe manufacturing facility in the Middle East.
Feb 09, 2024
Welspun Corp recently announced an increase in their net profit at INR 293.70 crore in December 2023. Additionally, the company announced a doubling of revenue from operations to INR 4,750 crore. The improved financial result might be a result of their contract with Aramco (line pipes) materializing as the company earlier had approved a brownfield capex of Rs 300 crore in the DI Pipe segment to increase capacity by 100ktpa.
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Furthermore, Welspun Corp has planned a capex of INR 500 crore for setting up a 50ktpa DI pipe manufacturing facility in the Middle East. The facility is planned to be operational by 1HCY25. The company has received a high number of orders for the FY24 for the line segment in India, the US, and Saudi Arabia worth INR 7,200 crore (excluding Saudi Arabia).
