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Welspun Enterprises rose 1% to Rs 506 after its material subsidiary, Welspun Michigan Engineers (WMEL), bagged an order worth Rs 79.29 crore from the Vadodara Municipal Corporation (VMC).
The project involves the rehabilitation of the existing drainage line from Shrenik Park Circle to Akota-Dandiya Bazar Bridge Junction to Atladara STP in the West Zone of Vadodara, Gujarat.
The contract is valued at Rs 79.29 crore, and the project is scheduled for completion within 12 months (excluding monsoons).
The outstanding order book of WMEL as of 25 March 2025 was Rs 2,915.42 crore. With the addition of this project, the outstanding order book now stands at Rs 2,994.71 crore.
Saurin Patel, managing director of Welspun Michigan Engineers, said, 'This order for rehabilitating drainage lines in Vadodara using trenchless technology enables us to rejuvenate existing infrastructure while minimizing societal costs, disruptions, and the environmental impact of traditional construction methods. It also marks our entry into a new market and serves as a strategic step in WMEL's plans to expand into new geographies for growth.'
The official announcement was made on Wednesday, 26 March 2025, after market hours.
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, and industrial projects for coal mines, fertilizer plants, petrochemicals, and water-retaining structures.
The company's consolidated net profit shed marginally to Rs 71.49 crore in Q3 FY25 as against Rs 71.55 crore recorded in Q3 FY24. However, revenue from operations jumped 22.7% YoY to Rs 866.87 crore posted in the quarter ended 31 December 2024.
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