The project is to be constructed within a period of 36 months from the date of notice of commencement. The cost of the project is Rs 1,864.71 crore.

Meanwhile, the civil construction company also announced it’s quarterly and yearly results for the period ended March 2024.

The company’s consolidated net profit slipped 50.29% to Rs 77.35 crore on a 2.84% fall in revenue from operations to Rs 821.11 crore in Q4 FY24 over Q4 FY23.

Profit before tax in fourth quarter of FY24 was at Rs 119.58 crore, down 35.61% from Rs 185.71 crore recorded in the same period last fiscal.

Consolidated EBITDA slipped 6% to Rs 157 crore in March 2024 quarter as against Rs 166 crore in corresponding quarter previous year. EBITDA margin declined 5 bps to 18.1% during the period under review.

Cash & cash equivalents dropped stood at Rs 923 crore as on 31 March 2024 as against Rs 1,839 crore as on 31 March 2023.

On a full year basis, the consolidated net profit declined 52.35% to Rs 324.53 crore in FY24 as against Rs 681.12 crore in FY23. Revenue from operations rose 4.14% YoY to Rs 2,872.28 crore in financial year ended March 2024.

Sandeep Garg, managing director (MD) of Welspun Enterprises, said, “FY24 has been a year of consolidation, where we have acquired and successfully integrated Welspun Michigan (erstwhile Michigan Engineers) with WEL. The standalone revenue has been subdued, due to some challenges on the existing projects and delayed order receipts, however, we have surpassed our margin guidance. On a consolidated basis, we have grown revenues by 4%, with EBITDA growth of 58%. This consolidated performance is an outcome of strategic diversification, and efficient deployment of capital that followed from our asset sale in FY23.”

In its outlook Welspun Ent said, “We start FY25 with the highest ever standalone opening order book of ₹ 12,200 crores, a clear reflection of WEL’s diversification strategy and our meticulous approach to order selection. This includes yet another prestigious treatment plant at Bhandup Complex, which will ensure potable drinking water for the citizens of Mumbai Metropolitan Region. Our subsidiary Welspun Michigan Engineers Ltd. has an opening order book of ~₹ 1,600 crores. This makes our consolidated order book a formidable ₹ 14,200 crores, which is over 4 times our consolidated revenue for FY24. Our sustained efforts to enhance operational efficiencies have led to improvement of our consolidated execution and profitability.

Our bid pipeline both in Water and Transportation segments is robust. We currently have bid for 5 road projects, results of which are awaited. Going forward, NHAI has announced bids worth Rs 2 lakh crore (5000km) in BOT Toll projects apart from bids in HAM & EPC worth Rs 50,000 crore. In water segment we see opportunities of over Rs 3 lakh crore across distribution, transmission & treatment, of which Rs 66,000 crore may be bid out in FY25, while the rest may spill over to FY26. Welspun Michigan order pipeline is very healthy with foreseeable opportunities of Rs 50,000 crore across tunneling and other adjacencies. We will judiciously bid for selective projects; thus we maintain a bullish outlook on further order inflows.”

Meanwhile, the company's board has recommended a dividend of Rs 3 per equity share for FY23-24 and the record for same has been fixed as 8 July 2024.

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.