Indian steel tube and pipe manufacturer for gas, water and oil transportation, Welspun Corp, has reported a consolidated net profit of INR 2.48 billion ($30 million) in the first quarter (April-June) quarter of the fiscal year 2024-25, a rise of 50 percent year on year, according to a company statement on Thursday, August 8.
The company reported total revenue during the quarter at INR 31.37 billion ($373.93 million) a decline of 22.9 percent year on year.
Welspun Corp also announced that its associate company East Pipes Integrated Company for Industry (EPIC) won contracts worth INR 5.25 billion ($62.5 million) in Saudi Arabia.
EPIC is Saudi Arabia’s leading manufacturer of helical submerged arc welded (HSAW) pipes. It has signed off multiple contracts with engineering, procurement, and construction (EPC) contractors for the manufacturing and supply of steel pipes and coating, for supply over the next 24 months.