New Delhi, Feb 5 (PTI) Welspun Corp Ltd on Wednesday reported an over two-fold rise in its consolidated net profit to ₹672.19 crore in the December quarter, aided by lower expenses.
It reported a net profit of ₹293.70 crore for the October-December period of the preceding 2023-24 fiscal, the company said in an exchange filing.
The company’s total income however fell to ₹3,656.57 crore in the quarter under review from ₹4,758.17 crore in the same period a year ago.
Welspun Corp reduced its expenses to ₹3,351.36 crore from ₹4,438.79 crore a year ago.
In a statement, the company said its order book as of December touched ₹15,000 crore mark.
The company said it sees a surge in demand for ductile iron (DI) pipes with the Union Budget announcement to enhance the total Jal Jeevan Mission outlay to ₹67,000 crore and the mission gets extended till 2028
In the US, the visibility in the market has improved significantly with the new administration’s huge focus on deregulating the Oil & Gas sector.
The company also aims to complete its ₹840 crore high-frequency induction welding (HFIW) pipe manufacturing facility project in the US by March 2026.
In Saudi Arabia, the DI pipes and LSAW plant being set up at ₹1,660 crore investment is expected to be completed by April next year.
The company sees opportunities for Line pipes in Saudi Arabia as it said, “With expected rise in population over a period of time and infrastructure being built, need for water transportation and distribution to improve further”.
Welspun Corp is one of the largest manufacturers of large-diameter pipes globally and has established a global footprint across six continents and 50 countries.