Welspun Corp (WCL), a flagship Company of the Welspun Group, announced its consolidated financial results for the quarter and year ended 31 March 2023. Welspun shows the achieved target of 1 Million MT of Global Line Pipe Sales in FY23, the 8th time in the last 10 years. Stable and consistent business. While the results also show 50 per cent of yoy growth of Rs 9, 758 in revenue operations.
The company has EBITDA for the quarter at Rs. 483 crores and for FY23 at Rs. 805 crores. The result also mentioned the company’s acquisition of the Plastic Products business of Sintex BAPL & Specified Assets of ABG Shipyard.
According to the result, Welspun ranked in the Top 7 per cent in the Steel Industry on DJSI’s Corporate Sustainability Assessment.
For the future outlook, the company said, In the export market, “We are in active discussions for several orders across the world. We recently announced the award of an order for the export of LSAW Pipes and Bends to the Middle East for approximately 83,000 MT. 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 countries in the World.”
For India, Welspun has set a target to increase natural gas consumption from 6 per cent to 15 per cent in our energy mix by 2030. The gas pipeline network is expected to reach 35,000 km from 22,000 km in the next 4-5 years. Welspun also aims to increase the refining capacity from around 250 MTPA to increase to around 450 MTPA over the next few years.
“Our HSAW plant in the US is fully booked till December 2023. The current business environment is favourable for us and we are in active discussions to book new orders beyond 2023,” stated the company in Outlook.