Welspun Corp hits 52-week high after single largest order win

Welspun Corp jumped 8.93% to Rs 227.40 after the steel product manufacturer won single largest order for supply of pipes valued at Rs 5000 plus crore (approx) in the United States.

The scope of the order is for supply of 325,000 MT of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes for the order will be produced from company's Little Rock plant in the US and the same will be executed over a period of 12 months, commencing from second half of FY23.

Vipul Mathur, managing director and chief executive officer of Welspun Corp said, We are delighted to win the single largest order in the history of our company. Our deep understanding of customer needs, quality orientation, and impeccable execution track record coupled with world class technology and innovation is what differentiates us. Our pan global order book and successive wins in a highly competitive environment validate our global leadership position in this market segment. We are confident that given the prevailing high energy prices and increasing demand scenario, further opportunities are likely to arise over the mid-to-long term in both the Global and the US market, and we would see more opportunities being converted to business, enabling a healthy and profitable order book at Welspun Corp over the next few years.

The company's order book as on date (excluding Saudi) now stood at 704,000 MT valued at Rs 10,500 crore.

Shares of Welspun Corp hit a 52-week high of Rs 230.90 in intraday today. The counter has surged 11.88% in last one month outperforming the benchmark Nifty 50 index which declined 5.6% in the same period.

Welspun Corp is a one-stop service provider offering end-to-end pipe solutions. The company's consolidated net profit slumped 70.21% to Rs 61.38 crore on a 5.3% decline in revenue from operations to Rs 1240.95 crore in Q3 FY22 over Q3 FY21.

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