Cochin Shipyard slips after Q3 PAT tumbles 42% YoY to Rs 129 cr

Cochin Shipyard declined 2.55% to Rs 332.40 after the company's consolidated net profit dropped 42.17% to Rs 129.38 crore on a 27.27% increase in revenue from operations to Rs 952.88 crore in Q3 December 2021 over Q3 December 2020.

Consolidated profit before tax (PBT) tanked 42.03% to Rs 175.04 crore in Q3 FY22 from Rs 301.96 crore in Q3 FY21.

On a segmental basis, revenues from ship building grew 14.23% to Rs 728.72 crore in Q3 FY22 as against Rs 637.89 crore in Q3 FY21. Revenues from ship repair soared 102.30% to Rs 224.15 crore in Q3 FY22 as compared to Rs 110.80 crore in Q3 FY21.

The exceptional items worth Rs 1.79 crore was reported is in respect of the company's subsidiary, Tebma Shipyard representing provisions created and no longer required written back.

Meanwhile, the board recommended a second interim dividend of Rs 7 per equity share of face value of Rs 10 on 10 February 2022. This is in addition to the interim dividend of Rs 6 per equity share which was recommended by the board on 11 November 2021.

Cochin Shipyard is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, Kerala. As of 31 December 2021, the Government of India held 72.86% stake in the company.

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