Welspun Corp associate company EPIC, KSA bags orders worth SAR 1.32 Bn

Welspun Corp's associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA) has received cumulative orders exceeding SAR 1.32 Billion (~INR 3,000 crores) from its last announcement dated 10th November, 2023.

The details of these major orders are as under:

1. Order received today for supply of steel pipes to Saline Water Conversion Corporation (SWCC) with value exceeding SAR One Billion (~INR 2,200 crores) inclusive of value added tax for manufacturing and supply of steel pipes. The financial impact of the above contract will be reflected in 1st quarter of financial year 2024/2025 till 2nd quarter of financial year 2026/2027. The duration of the contract is 30 months.

2. Order for manufacturing and supply of steel pipes to Saudi Arabian Oil Co. (Aramco) with value exceeding SAR 153 Million (~INR 339 crores) inclusive value added tax. The duration of this contract is 8 months and the financial impact of this will be reflected in Quarters 1 and 2 in financial year 2024/2025.

3. Order for double jointing and coating of steel pipes to Aramco with value exceeding SAR 170 Million (~INR377 crore) inclusive value added tax. The duration of the contract is 20 months. The financial impact of the above contract will be reflected in 1st Quarter of financial year 2024/2025 till 2nd Quarter of financial year 2025/2026.

EPIC is Saudi Arabia's leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, impeccable track record of execution of mega orders, Quality and customer focused approach enables it to remain well-placed to secure further projects both in the Water and Oil & Gas sector and continue pioneering in supporting KSA's strategic objectives under the Vision 2030.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 570.10 as compared to the previous close of Rs. 541.05. The total number of shares traded during the day was 209966 in over 5946 trades.

The stock hit an intraday high of Rs. 574.95 and intraday low of 532.25. The net turnover during the day was Rs. 118311699.00.

Source : Equity Bulls

Keywords

WelspunCorp INE191B01025 OrderWin EasgtPipesIntegratedCompany SaudiArabia