Welspun Corp secures two large pipe orders in US

Welspun Corp has bagged two large orders--one  each for the supply of HSAW coated pipes as well as HSAW coated pipes for Natural Gas Pipeline Projects in the US. These new orders were secured by the company's US plant, taking the cumulative value of orders received by the unit till Q3 FY25 so far to over Rs 7,000 crore.

The execution of these order is slated for FY25 and FY26. "These achievements reinforce our dominant market share in the US' oil and gas transmission sector and reflect our strong position in the industry. With an extremely positive outlook for the US market, Welspun is well-positioned to capitalise on future opportunities," the company said in an exchange filing.

Back in October, the company had won another major order in the US worth Rs 2,400 crore.

The steel, sponge iron, and pig iron manufacturer reported a net profit of Rs 287 crore for the September quarter, marking a 26.3 percent decline from the Rs 386.57 crore that it reported in the same period last year. The drag in profit was attributed to lower revenue and external market challenges.