homeearnings NewsWelspun Corp CFO confident of exceeding FY24 guidance, outlines growth strategy for Sintex
Welspun Corp CFO confident of exceeding FY24 guidance, outlines growth strategy for Sintex
Percy Birdy, the Chief Financial Officer, said the pipe manufacturer will likely surpass its FY24 earnings guidance.
Mumbai-based Welspun Corp is focusing on ramping up Sintex, which it acquired in March 2023, targeting multi-fold growth for the plastic water tank manufacturer over the next 4-5 years.
Speaking to CNBC-TV18, Chief Financial Officer Percy Birdy said Welspun is well on track to even exceed its FY24 guidance of topline of around ₹15,000 crore and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of ₹1,500 crore.
Welspun Corp, which manufactures steel pipes, tubes and bars, intends to expand its product offerings to include plastic pipes, leveraging the Sintex brand and distribution network.
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Welspun Corp on February 6 reported a consolidated net profit of ₹293.70 crore in the third quarter of the current financial year (Q3FY24) versus ₹23.22 crore in the same quarter last year. The company's total income doubled year-on-year (YoY) to ₹4,758.17 crore from ₹2,410.33 crore. It reported margins of 9.7% in Q3FY24 compared to 6.9% in Q3FY23.
Currently, the company’s order book stands at 575 KMT valued at ₹7,200 crore for India and the US put together, and the company is eyeing 0.5 million tonne in incremental orders in the next 2-3 quarters.
The market capitalisation of Welspun Corp is ₹15,530 crore. The stock has gained nearly 188% over the past year.
Also Read | Welspun Living sees sales at ₹15,000 crore by 2026, flooring business topline at ₹2,500 crore
(Edited by : Shweta Mungre)
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