Welspun Corp to supply 220 KMT pipes for oil project in Americas

Leading pipe manufacturer, Welspun Corp has entered into an agreement to supply 220 KMT of pipes for an Oil and Gas project in the Americas, said the company in a filing to the bourses.

Post the agreement, the company's order book stands at 1,776 KMT valued at Rs. 150 billion.

Welspun boasts a strong presence in the pipeline industry. Earlier, the company has supplied to the Independence Trail in the Gulf of Mexico, which is one the world's deepest pipeline projects. Its has also supplied pipe for Peru LNG which is one of the highest pipeline projects and for the longest pipeline from Canada to the US.

For the most recent quarter Q1FY19, the company registered a total income from operations of Rs. 20,234 million, which is up 25 per cent YoY, mainly on account of higher volumes. Meanwhile, PBT and share of JVs was at Rs. 815 million, down 33 per cent YoY.

On Friday, Welspun was trading at Rs. 180.50 per share on the BSE at 10:28 hours, down by 0.03 per cent, while the benchmark index Sensex was at 38,234.60.