Pipavav Defence and Offshore Engineering Company Ltd has posted a net profit of Rs. 84.074 mn for the quarter ended September 30, 2012 as compared to Rs. 94.105 mn for the quarter ended September 30, 2011.
Total Income has increased from Rs. 4563.676 mn for the quarter ended September 30, 2011 to Rs. 6700.279 mn for the quarter ended September 30, 2012.
Commenting on the Q2 & H1 FY2013 results, Mr. Nikhil Gandhi, Chairman, said:“I am glad to announce another eventful quarter wherein we have made significant strides to strengthen our ties with international majors as well as focus on Indian naval defence opportunities. We continue to see strong business traction in both our focus segments of Defence as well as Offshore projects that we believe will allow us to deliver sustained value to our stakeholders."
"We marked a noteworthy tie-up this quarter with SAAB AB of Sweden. This strategic partnership will help us collaborate with a significant international player in the defence sector to benefit India’s armed forces. We are proud to share that this is the first strategic investment made by a global defence player in an Indian shipbuilder focused on defence production. It complements a series of collaborations already in place with several global majors that position us to deliver cost-competitive, world-class products from one of the world’s most significant maritime infrastructure facilities.With the finalization of our JV with Mazagon Dock Limited, we have accepted challenges to build on MDL’s substantial order pipeline. We are extremely excited as we have all the building blocks in place for the construction of the most advanced warships that will provide for a secure India.Having established a strong operating platform in the first half of the fiscal year, we expect order execution to gain further momentum during the second half. Increasing utilization of our existing facilities and with the coming on board of our second dry dock next year we are now poised for a robust year, growth performance over the long term", added Nikhil Gandhi.