Construction company Welspun Corp announced Q1FY23 results: Global Order Book – Line Pipes Current Global Order Book stands at 1,020 KMT valued at Rs. 13,350 crore Sales Volumes (Q1 FY23) Line Pipes: 157 KMT vs. 175 KMT YoY | Billets: 36 KMT vs. 45 KMT YoY SS Bars: 1,557 MT vs. 142 MT YoY | SS Pipes 692 MT vs. 358 MT YoY Revenue from Operations Revenue from Operations for Q1 FY23 at Rs. 1,322 crore EBITDA Reported EBITDA for Q1 FY23 at Rs. 102 crore Profit (Continuing Operations) PAT (after Minorities & share of JVs) stands at Rs. 4 crore Dividend The Board has recommended a final dividend of Rs. 5.00 per share which is 100% of the Face Value for FY22 and was paid after the AGM on 29 July, 2022. “I am very proud of the team who have delivered the Steel Complex and our TMT bar facility. They stayed on course with their purpose and delivered these world class facilities despite multiple external challenges. We are keen to contribute to India’s growth story and these newly commissioned plants will further strengthen our efforts in developing our nation’s infrastructure and improving the lives of people across the country. Also, our focus on future needs like Hydrogen, Carbon Capture, Green Steel and Renewable Energy is going to set the tone for future growth, and at the same time, help in meeting our ESG & Sustainability Goals” said Mr. B. K. Goenka, Chairman, Welspun Group. “Our order backlog in the line pipes business is once again more than a million metric tonnes. This demonstrates our deep customer connect and flawless track record of execution. With our manufacturing presence in key demand centers across the world, and Business Growth and Diversification plans on track, I am confident of a bright future ahead,” he added. Result PDF
Construction and Engineering company Welspun Corp announced Q4FY22 results: Global Order Book position Current Global Order Book stands at 925 KMT valued at Rs. 12,250 crore Revenue from Operations Q4 FY22 at Rs. 2,011 crore vs. Rs. 1,442 crore, QoQ, up 39.5% Sales Volumes (Q4 FY22) Line Pipes: 269 KMT vs. 171 KMT QoQ - Billets: 18 KMT vs. 11 KMT QoQ - SS Pipes 1,160 MT vs. 881 MT QoQ EBITDA Reported EBITDA for Q4FY22 at Rs. 474 crore, up 181.8% QoQ Profit (Continuing Operations) PAT (after Minorities & share of JVs) stands at Rs. 236 crore, up 415.7% QoQ Corporate Tax Rate The company has fully utilized its existing tax credits in FY21 and has switched to the new corporate tax rate of 25.17% in FY22 from 34.94% (both including surcharges) in India. Dividend The Board has recommended a final dividend of Rs. 5.00 per share for FY22 which will be paid after the AGM. During Q2 FY22, the company paid a dividend of ~ INR 130 crores. The dividend amount declared per share for FY21 was 100% of FV of Rs. 5.00 per share. Commenting on the results, Mr. B. K. Goenka, Chairman, Welspun Group said, “FY2021-22 was a pivotal year for the company as we made significant progress on our Business Growth & Diversification Strategy. We demonstrated resilience despite a sharp increase in steel prices and a weak operating environment. As we embark upon a new journey of growth along with sustainability at the core, we are confident of creating incremental value for all our stakeholders. Our foray into the B2C segment will help improve our competitiveness and provide a stronger base for future growth.” “The acquisition of the Steel business of Welspun Steel has been completed. The upcoming Ductile Iron Pipes plant is going to commence production soon. I am confident that this will further strengthen the strong and successful business model of the Company. I am pleased by our recent order win in the US line pipe business, which is the single largest order in the history of our company. This marks a revival for the US facility and we expect to receive more orders in due course of time. Overall, we are well geared to help the development of infrastructure in the oil, gas and water industries across India and the World.” Result PDF