Welspun Corp's Saudi-based associate inks contract worth Rs 316 crore with Alrawaf Contracting

Welspun Corp said that its associate company East Pipes Integrated Company for Industry (EPIC) has signed off contract worth Rs 316 crore with Alrawaf Contracting Company for coating and supply of steel pipes.

The duration of the aforementioned contract is 19 months.

"The financial impact of the contract will be reflected in Q3 of financial year 2024/2025 till Q1 of financial year 2026/2027, Welspun Corp said in an exchange filing.

EPIC is Saudi Arabias leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, impeccable track record of execution of mega orders, quality and customer focused approach enables it to remain well-placed to secure further projects both in the Water and Oil & Gas sector and continue pioneering in supporting KSAs strategic objectives under the Vision 2030.

Welspun Corp is primarily engaged in business of manufacture and distribution of steel and steel products.

The companys consolidated net profit stood at Rs 291.86 crore in Q3 FY24, steeply higher from Rs 23.24 crore posted in Q3 FY23. While net sales stood at Rs 4,749.71 crore, up 97.7% year on year in Q3 FY24.

The scrip rose 0.12% to currently trade at Rs 600.95 on the BSE.

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