Welspun Corp Ltd share Price

Construction & Engineering company Welspun Corp announced FY23 results:

• Achieved > 1 Million MT of Global Line Pipe Sales in FY23, 8 th time in last 10 years. Stable and consistent business
• Revenue from Operations at Rs 9,758 crore for FY23, growth of 50% YoY
• EBITDA for the quarter at Rs 483 crore and for FY23 at Rs 805 crore
• Completed acquisition of the Plastic Products business of Sintex BAPL & Specified Assets of ABG Shipyard
• Ranked in the Top 7% in the Steel Industry on DJI's Corporate Sustainability Assessment
• Strong pending Order Book for Line Pipes of 1.1 million MT valued at Rs 14,600 crore
• The overall environment for Oil & Gas capex is favourable across the world
• Saudi Arabia and other OPEC oil producers announced production cuts
• World oil demand is set to grow by 2 million bpd to a record 101.9 million bpd in 2023
• Oil prices are range-bound (USD 70 - USD 90 per barrel). Gas prices have softened but demand stays strong

“I am pleased by our robust operating performance to end the financial year. We have seen flawless execution and delivery for our customers resulting in strong cash flows and a substantial reduction in net debt. The acquisition of the plastic products business of Sintex has given us a head start in our foray into the B2C segment. This will result in significant value creation for all our stakeholders in addition to providing growth to the existing business portfolio. We have also made significant operational progress in our new businesses of manufacturing DI Pipes and TMT Rebars. The stainless steel business has completed its turnaround with the positive momentum likely to continue,” said B. K. Goenka, Chairman, Welspun Group.

“With sustainability at our core, I am confident that WCL will achieve even greater heights in Financial Year 2024,” he added.

Result PDF