Welspun Corp receives order worth Rs 1,000 crore; stock soars 5 per cent
Welspun Corp informed the bourses on Monday that it has secured multiple orders across geographies including the USA, Saudi Arabia, and India of nearly 106 KMT valuing close to Rs 1,000 crore.
With these orders, the company’s order book as on June 2020, stood at 759 KMT valued at almost Rs 6,200 crore. These order books translate into book-to-bill of 0.62x on TTM revenue, giving healthy revenue visibility in the near term.
The company in its exchange filing said that this reflects an overall improvement in business sentiments and exhibits a strong customer connection. This also demonstrates the trust that the customers have on the company for its superior technology and execution capabilities.
Further, the company also informed that it has paid an interest of Rs 4.8 crore on its non-convertible debentures (NCDs). As of FY20, the company has a total debt (short term and long-term) of Rs 780.03 crore and cash as well as a bank balance of Rs 513.58 crore.
The stock of Welspun Corp opened today at Rs 90 as against its previous close of Rs 88.10. Reacting positively to these developments, its stock surged 5 per cent on BSE to lock-in at an upper circuit of Rs 92.50.
Welspun Corp is the flagship company of Welspun Group, which is among the largest welded line pipe manufacturing companies in the world.