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
Conference Call with Welspun Corp Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
Construction & engineering firm Welspun Corp announced Q3FY23 results: Q3FY23: Top line of Rs 15,000 crore. Global order book – line pipes: The current global order book stands at 928 KMT valued at ~ Rs 13,200 crore. Sales Volumes (Q3FY23): Line pipes: 281 KMT vs 171 KMT YoY SS Pipes 1,278 MT vs 881 MT YoY Revenue from Operations: Revenue from operations for Q3FY23 at Rs 2,402 crore, up by 67% YoY. EBITDA: Reported EBITDA for Q3FY23 at Rs 174 crore, up by 4% YoY. Profit (Continuing Operations): PAT (after Minorities & share of JVs) stands at Rs 23 crore. “WCL continues to execute its Business Growth and Diversification Strategy. The acquisition of the specified assets of ABG Shipyard has been completed. With the state-of-the-art Ductile Iron Pipe plant settling well, I am confident that it will create another milestone for the group and for the sector. Global pipe scenario, post-Ukraine war has changed and accordingly we are seeing a lot of traction in exports from India, as well as in the Saudi and US markets. With the recent Union budget, the outlook for infrastructure remains bright and the domestic market traction remains high. As a global pipe player and further with our business diversification, we are confident about our future growth prospects.” said Mr. B. K. Goenka, Chairman, Welspun Group. Result PDF
Cement & construction company Welspun Corp announced Q2FY23 results: Global Order Book: The current Global Order Book stands at 956 KMT valued at Rs. 13,750 crore. Sales Volumes (Q2 FY23): Line Pipes: 218 KMT vs. 180 KMT YoY SS Pipes 1,009 MT vs. 515 MT YoY Revenue from Operations: Revenue from Operations for Q2 FY23 at Rs. 1,964 crore. EBITDA: Reported EBITDA for Q2 FY23 at Rs. 46 crore, impacted by initial losses in Steel Vertical. Profit (Continuing Operations): PAT (after Minorities & share of JVs) stands at a loss of Rs. (57) crore “I am delighted by the completion of the Ductile Iron Pipe plant. This is one of the largest single-location DI Pipe Plants in India and will help in supporting access to potable water across our nation. Over the coming years, the new plant will contribute immensely to WCL’s Business Growth and Strategy. The diversification of the product portfolio will result in consistency and earning predictability. Furthermore, the order backlog in the line pipes business has been steadily improving. I am extremely optimistic that the business prospects being pursued globally would yield positive results and will add further strength to the company’s position. The order win in the US for a Carbon Capture project will set the tone for future such orders which will lead towards a more sustainable planet.” said Mr. B. K. Goenka, Chairman, Welspun Group. Result PDF