Welspun Enterprises rose 1.09% to Rs 573.45 after the company said that its material subsidiary, Welspun Michigan Engineers (WMEL) received letter of acceptance (LOA) from the Brihanmumbai Municipal Corporation (BMC), aggregating to Rs 159.75 crore.
The said LOA pertains to rehabilitation of man-entry sewers by trenchless technology, lines 17km (dia 1000mm to 1800mm), in the suburbs of Mumbai city.
This project is to be executed within a period of 24 months (excluding monsoon) from the date of notice of commencement.
Sandeep Garg, managing director of Welspun Enterprises said, This order for the rehabilitation of sewers lines using trenchless technology marks our material subsidiary's biggest independent project under the rehabilitation segment. By revitalizing existing infrastructure, we are minimizing the societal cost, disruption and impact associated with conventional construction methods.
Our initiative contributes to a more sustainable environment, ensuring infrastructure longevity and reusability for the next 50 years. This achievement marks a significant milestone in the continued growth and success of WMEL, and we are committed to the responsible and successful execution of this project.
Welspun Enterprises is engaged in the civil construction contract. They are offering various types of works, such as mass housing and township, multi-storied buildings, industrial projects for coal mines, fertilizer plants, petrochemicals and water retaining structures.
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The companys consolidated net profit increased 6.8% to Rs 98.02 crore in Q1 FY25 as compared to Rs 91.77 crore posted in Q1 FY25. Revenue from operations jumped 29.8% YoY to Rs 907.25 crore in Q1 FY25.
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