Cochin Shipyard pays Rs 17 cr dividend to govt

Cochin Shipyard Ltd (CSL) has shown impressive performance despite a challenging business environment and paid Rs 16.99 crore dividend to the government.
The firm also paid Rs 190 crore as taxes during the year 2014-15, an official statement said.
"CSL, a PSU under the Ministry of Shipping, paid a dividend of Rs 16.99 crores to government of India today. The company is paying dividend for the seventh consecutive year. The dividend cheque was handed over to Nitin Gadkari, Union Minister of Shipping, Road Transport and Highways by K Subramaniam CMD, CSL," an official statement said.
Rajive Kumar, Secretary, Shipping and other senior officials of the ministry were present on the occasion.

"The dividend is of Rs 1.5 per equity share on the 11,32,80,000 fully paid equity shares of Rs 10 each. In addition, the yard has also contributed Rs 190 crore to the exchequer by way of Value Added Tax, Income Tax, Fringe Benefit Tax, Excise Duty, Customs Duty and Service Tax during the year 2014-15," the statement said.
The performance of CSL had been consistently impressive in the last several years despite a very challenging business environment in the shipbuilding and shipping scenario, it said.

Cochin Shipyard's turnover has increased fivefold from Rs 373 crore in 2005-06 to Rs 1,859 crore in 2014-15.

Likewise, the net profit has more than doubled during the period from Rs 94 crore to Rs 235 crore, it said.
"CSL's achievements during the year include delivery of seven Fast Patrol Vessels to the Indian Coast Guard. The project of construction of Fast Patrol Vessel is proceeding ahead of schedule.
"During the year, CSL also delivered the Buoy Tender Vessel on 9 April 2015, a good two months ahead of the schedule delivery," the statement said.