Cochin Shipyard sails in the green on Rs 150-crore deal with Indian Navy

The company’s net profit zoomed 121 percent on-year to Rs 244.4 crore, and revenue from operations jumped 64 percent YoY to Rs 1,056.4 crore during the quarter ended December 2023.

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Shares of Cochin Shipyard traded in the green early on February 5 after the company signed a contract with the Indian Navy for undertaking Medium Refits of two naval vessels.

At 9:35am, Cochin Shipyard was quoting Rs 917.10, up Rs 11.95, or 1.32 percent, on the BSE.

This Rs 150-crore contract is for dry-docking and refit as well as upgradation of equipment on board the ships.

The company’s net profit zoomed 121 percent on-year to Rs 244.4 crore, and revenue from operations jumped 64 percent YoY to Rs 1,056.4 crore during the quarter ended December 2023. The board of directors of the company also recommended its second interim dividend of Rs 3.50 per share of Rs 5 each fully paid (70 percent) for the FY24. The board had fixed February 12, as the record date for the interim dividend.

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On January 10, the company’s shares went ex-split on January 10 after the board announced a sub-division of its equity share from a face value of Rs 10 each to a face value of Rs 5 each.

On January 31, the company bagged an order from an European client, for the design and construction of one hybrid service operation vessel (SOV). The total project cost for the firm order is approximately Rs 500 crore and the vessel is to be delivered in 2026.

Also in January, the company opened a new dry dock and the international ship repair facility (ISRF) in Kochi costing Rs 1,799 crore.

It features heavy ground loading which will position India with advanced capabilities to handle strategic assets like future aircraft carriers up to 70,000 tonnes displacement as also large commercial vessels.

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