Welspun Corp Ltd. (WCL), a flagship Company of the Welspun Group, announced its consolidated financial results for the quarter and year ended March 31, 2023. It achieved > one mn MT of Global Line Pipe Sales in FY23, 8th time in last 10 years. Stable and consistent business. Revenue from Operations at Rs. 9,758 crores for FY23, growth of 50% YoY. EBITDA for the quarter at Rs. 483 crores and for FY23 at Rs. 805 crores.
It completed acquisition of the Plastic Products business of Sintex BAPL & Specified Assets of ABG Shipyard. It ranked in the Top 7% in the Steel Industry on DJSI’s Corporate Sustainability Assessment. Strong pending Order Book for Line Pipes of 1.1 mn MT valued at Rs. 14,600 crores.
The dispatches of TMT bars market is ramping up. Key target market of Gujarat with estimated annual demand of 3 million MT per annum. Healthy demand in Kutch which will be a priority market for due to strong presence. Have created a unique and industry first digital platform for distributors, dealers, retailers and influencers. This is not only creating a positive socioeconomic effect, but also helping the company with a deeper penetration in the market to achieve our B2C goals.
In stainless steel there is surge in strong demand in sectors like defence, petrochemicals, Nuclear Reactors and Process Industries. Strong export potential in Europe and North America. Anti-Dumping Duty on Stainless Steel Seamless Pipes & Tubes on cheap imports from China. The company lays a strong emphasis on Sustainability and Governance and has been ranked in the top 7% in the Steel Industry. The DJSI score significantly improved from 41 to 57 for FY 2022.
“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.
