Welspun Corp shares climb 5% after receiving order from Middle East

Welspun Corp has received a contract for export of LSAW pipes and bends to the Middle East. The company will execute this contract at Anjar facilities in FY23-24.

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Welspun Corp share price jumped 4.8 percent intraday on March 1 after receiving order an 83,000 million tonnes bare pipes order from Middle East. The stock settled at Rs 193 on the NSE.

The pipe solutions provider has received a contract for export of LSAW pipes and bends to the Middle East. The company will execute this contract at Anjar facilities in FY23-24.

“The contract is for approximately 83,000 MT bare pipes with an option of coating exercisable by the project owner subsequently,” Welspun said in its filing to exchanges.

Pipes supplied will be used for offshore production and transport of gas, which will accelerate and enhance LNG export infrastructure in one of the largest LNG producing and exporting country in the world, the company said.

Welspun Corp recorded weak bottomline growth for the quarter ended December FY23 largely due to lower other income and contraction in operating margin.

Consolidated profit for the quarter fell by 49 percent year-on-year to Rs 23.24 crore as other income dropped sharply to Rs 8.01 crore, from Rs 57.57 crore in the same period.

Consolidated revenue from operations grew by 66.6 percent to Rs 2,402.3 crore compared to the year-ago period. On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) surged 50.6 percent YoY to Rs 166.38 crore during the December FY23 quarter, but margin fell 74 bps to 6.92 percent in Q3FY23 due to higher input cost.