Welspun Corp received a deal worth Rs 706 crore from Indian Oil Corporation (IOCL) of approximately 48,000 MT (metric ton).
The said order is for a large section of the Mundra Panipat Crude Oil Pipeline (P25) project which will be constructed to augment the crude oil intake for IOCL's Panipat refinery expansion project. The company said that the order will be executed in this financial year.
Further, the steel maker stated that, apart from the above order, it has also secured various other orders during this period, across oil & gas, city gas distribution (CGD) and water sectors in India along with oil & gas sector in the US, amounting to Rs 2,450 crore. Most of them expected to be executed within this financial year, Welspun Corp added.
The company's consolidated net profit slumped 70.21% to Rs 61.38 crore on a 6.78% decline in revenue from operations to Rs 1,298.89 crore in Q3 FY22 over Q3 FY21.
Shares of Welspun Corp slipped 2% to Rs 200.45 on BSE. Welspun Corp is a one-stop service provider offering end-to-end pipe solutions.
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