Cochin Shipyard Q2 net dips 8% to Rs 100 crore

The company is well on course to meet its annual financial targets: Cochin Shipyard MD

Cochin Shipyard Ltd (CSL), the largest shipbuilding and repair facility in India, on Friday, reported an 8 per cent dip in net profit at Rs 100.21 crore for the quarter ended September 30, 2017.

The state-run company had reported a net profit of Rs 109.02 crore for the corresponding quarter of the previous fiscal, it said in a filing to the BSE.

Total income during the quarter rose to Rs 648.40 crore as against Rs 586.08 crore in the year-ago quarter.

Earnings per share (EPS) for Q2 FY18 stood at Rs 7.93.

Madhu S Nair, Chairman and Managing Director, Cochin Shipyard Limited, said, "Cochin Shipyard is well on course to meet its annual financial targets."

Cochin Shipyard was incorporated in 1972 as a fully owned Government of India company.

In the last four decades, the company has emerged as a forerunner in the Indian shipbuilding and ship repair industry, it said in a statement.

This yard can build and repair the largest vessels in India. It can build ships up to 110,000 DWT (deadweight) and repair ships up to 125,000 DWT.

The yard has delivered two of India's largest double hull Aframax tankers each of 95,000 DWT.

The statement said CSL has secured shipbuilding orders from internationally renowned companies from Europe and the Middle East and is building the country's first indigenous air defence ship.