welspun corp share to invest ₹500 cr in the Middle East as its Q3 profit soars to ₹294 cr. According to a regulatory filing by the company, its consolidated net profit for the October to December period of the previous fiscal year was ₹23.22 crore As stated by the business in a regulatory filing.
The third-quarter profit of Indian steel pipe manufacturer welspun corp share. increased by more than twelve times on Tuesday, with robust demand for the company’s pipes across various industries offsetting a rise in expenses.
Over the same quarter last year, the company’s total income more than doubled to ₹4,758.17 crore from ₹2,410.33 crore.
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In the third quarter of the previous fiscal year, expenses were ₹2,386.80 crore, whereas they were ₹4,438.79 crore.
The Welspun Group Chairman, B K Goenka, stated in a statement that the company’s operational and financial results for Q3 and 9MFY24 remained strong. In line with our intended approach, we have completed our entry into the plastic pipes market, which offers us a significant chance to capitalize on the value of the Sintex brand.
He added that the business has completed an investment in Middle Eastern ductile iron (DI) pipes.
The statement claims that the company has ₹7,200 crore worth of line pipe orders in the US and India.
The board of the company also approved an investment in a Special Purpose Vehicle (SPV) not to exceed ₹44.25 crore for the purpose of supplying 42 MW of renewable energy on a round-the-clock (RE-RTC) basis at the most competitive rates while lowering power costs.
The business would own 21.54 percent of the equity share capital of Mounting Renewable Power Ltd., the SPV (MRPL).
In order to transmit renewable energy to the Anjar facility in Gujarat, the board has also approved capital expenditures up to ₹35 crore for the purchase of land, a bay at the sub-station, the construction of a transmission line, modifications to the inner connectivity ring, etc.
A plan to establish a DI pipe manufacturing facility in the Middle East has also been approved by the board. The investment will be spread over the course of the next four to six quarters and will total approximately ₹500 crore. The business or subsidiary intends to fund the investment with a mix of debt and stock. By H1 CY2025, or the first half of the year, the plant is anticipated to be in commercial production.
Development of water infrastructure has been a top priority in the Middle East and India. Our DI pipes business has been growing steadily in India, and in a short period of time, we have become a respected player in the market. We will continue to place a high priority on DI Pipes. The managing director and CEO of welspun corp share., Vipul Mathur, stated.
The main company of the Welspun Group, welspun corp share (WCL), is one of the biggest producers of large-diameter pipes in the world, with a presence in 50 countries and six continents.
Reuters, BENGALURU, February 6 -The third-quarter profit of Indian steel pipe manufacturer welspun corp share WGSR.NS increased by more than twelve times on Tuesday, with robust demand for the company’s pipes across various industries offsetting a rise in expenses.
India, the second-largest producer of crude steel worldwide, saw a spike in steel consumption during this time, indicating robust pre-election government spending in one of the world’s fastest-growing economies.
Welspun announced a sharp increase in demand for its pipes, which are utilized in infrastructure, irrigation, and gas pipelines, and predicted future demand due to ongoing government spending.
As opposed to 232.4 million rupees the previous year, the company’s consolidated net profit for the quarter ended December 31, 2018, was 2.92 billion rupees ($35.2 million).
