Shipyard PSU Cochin Shipyard Q3FY21 net profit rises 32% to Rs 223.73 crore
CSL has also announced an interim dividend of Rs 4 per share
Cochin/ Mumbai: State-run shipbuilder Cochin Shipyard Ltd has declared its financial results for the third quarter of the current financial year (Q3 FY21) on Friday. The shipbuilder has posted a 32 percent rise in consolidated net profit at Rs 223.73 crore during the quarter ended December. The company had posted a net profit of Rs 169.81 crore during the same quarter a year ago, the company said in a BSE filing.
Its total income during the quarter under review fell to Rs 763.43 crore from Rs 950.34 crore in the year-ago period.
In a terrific attempt, the company managed to reduce its total expenses to Rs 461.45 crore as compared to Rs 722.12 crore in the year-ago quarter.
Cochin Shipyard is one of the leading shipbuilding and repair companies in India. CSL is currently investing a total of Rs 2,769 crore in infrastructure augmentation by was of a new 310 Mtr long dry dock at Kochi and a ship lift based Ship Repair yard at Willingdon Island, Kochi.
CSL is expanding geographically and has commenced ship repair units at Mumbai, Kolkata & Port Blair in addition to its Kochi facilities. CSL is also setting up fully owned subsidiary shipyards at Kolkata (named HCSL) and at Malpe, Karnataka (named TEBMA Shipyards Limited) to cater to the construction of small & medium-sized vessels as well as vessels for the Inland Waterways.
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