Welspun Corp on Tuesday announced that its associate company, East Pipes Integrated Company for Industry (EPIC) received an order of SAR 497 million from Saline Water Conversion Corporation.
East Pipes Integrated Company will complete the supply of its spiral steel pipes to Saline Water Conversion Corp within one year.East Pipes Integrated Company for Industry, founded in 2010 is a manufacturer of helical submerged arc welded pipes in Dammam, Kingdom of Saudi Arabia. The company has a production capacity up to 500,000 tons of pipes annually that are used to transport water, oil and gas.
Shares of Welspun Corp were trading 0.61% lower to Rs 162.35 on BSE. Welspun Corp is a one-stop service provider offering end-to-end pipe solutions.
The company's consolidated net profit slumped 70.21% to Rs 61.38 crore on a 6.78% decline in revenue from operations to Rs 1,298.89 crore in Q3 FY22 over Q3 FY21.
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