Bharati Shipyard Q4 up 7% at Rs 38 cr

Bharati Shipyard today reported a meagre growth of 7.47% in its net profit at Rs 38.23 crore for the quarter ended March 31, 2011.

The company had posted a net profit of Rs 35.57 crore during the same period of 2009-10.

Company's net income was Rs 346.58 crore during the January-March quarter, a growth of 6.91% as compared to Rs 324.17 crore reported during the same quarter of FY10, it said in a filing to the Bombay Stock Exchange (BSE).

During the quarter, the revenues from ship manufacturing for Bharati Shipyard rose by 25.59% to Rs 440.30 crore vis-a-vis Rs 350.58 crore of FY10, the filing further said, adding that it included subsidy.

However, the filing did not provide the details of subsidy.

For the full year 2010-11, the net profit of the company declined by 18.51% to Rs 169.46 crore as compared to the net profit of Rs 207.96 crore it had reported in FY10.

During the year, net income of the Bharati Shipyard was Rs 1,368 crore, a rise of 8.15% over the corresponding year's figure of 1,264.81 crore.

The filing also said that the company has an order book of Rs 4,635.08 crore as on March 31, 2011, and of this, Rs 1,009.22 crore are under execution.

Besides this, Nirupam Energy Projects, a wholly-owned subsidiary of Bharati Shipyard, had acquired 51% stake in Tebma Shipyard during the last financial year and has announced to launch open offer to acquire an additional 20% stake in Tebma, the filing said.

Bharati, through its subsidiary Nirupam Energy Projects, had acquired the majority stake in Chennai-based Tebma Shipyard for about Rs 75.75 crore late last year.

The company scrip today declined by 0.58% to Rs 146.95 a piece on the BSE.