Cochin Shipyard inks Rs 488 crore contract with defence ministry

21 Dec 2023 , 09:37 AM

Cochin Shipyard announced that the company has entered into a contract worth Rs 488.25 crore with the Ministry of Defence (MoD). The scope of work includes repair and maintenance of the equipment and systems onboard the naval vessel.

Based on the Approval of Necessity (AoN) from the MoD, work on the project started in Q2FY24 and is projected to be completed by Q1FY25, the company stated in a market notification.

Cochin Shipyard’s consolidated net profit for the September quarter increased 61% to Rs 181.52 crore from Rs 112.79 crore the previous year. Consolidated revenue from operations increased 48% to Rs 1,011.71 crore from Rs 683.18 crore in the same period previous year.

Other income increased to Rs 87.56 crore for the quarter, up from Rs 61.46 crore the previous year. In addition, Cochin Shipyard said that its board of directors has recommended an interim dividend of Rs 8 per fully paid-up share for the fiscal year 2023-2024, with the record date set for Monday, November 20.

At around 9.32 AM, Cochin Shipyard was trading 1.50% higher at Rs 1,243.05 per piece, against the previous close of Rs 1,224.65 on NSE.

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