Welspun Corp. on Saturday said that its US plant had received two more large orders, post which, “the value of the cumulative orders received by our US plant till date in this Q3FY25 exceeds Rs 7,000 crore.”.
The orders, which are to be executed “during FY25 and FY26,” involve supplying helical submerged arc welded pipes and high-frequency induction welded pipes, the company's exchange filing stated. These types of pipes are used in natural gas pipeline projects.
The pipe and building manufacturer added that the order wins “reinforce our leading and dominant market share in the USA O&G (oil and gas) transmission space.”.
According to Welspun's statement, its outlook for the US market “remains extremely positive for the next couple of years” and it is “fully poised to benefit from more opportunities in the time to come.”.
Earlier this year, the Mumbai-headquartered company had also intimated about receiving other orders.
In October, the company had informed via exchange filings that it had bagged a significantly large order worth about Rs 2,400 crore in the US, “for the supply of coated HSAW pipes for a natural gas pipeline project.”
It had added that while winning the order “reinforces our credibility” in the US market, there are “a few more projects where we have participated and are favourably placed for orders.”
In November, it had informed stock exchanges that it had secured two orders, which cumulatively were worth about Rs 1,300 crore.
and which involved supplying coated HSAW pipes for natural gas pipeline projects.
In the second quarter of the ongoing fiscal, the company had reported a 27% fall in consolidated net profit to Rs 282.96 crore against Rs 386.57 crore that it had posted as profit for the similar period in FY24.
Shares of Welspun Corp. on Friday closed 0.72% higher at Rs 789.45 apiece on the BSE, compared to a 0.07% advance/decline in the benchmark Sensex.
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