Bharati Shipyard net up 126%

BS 200 SCORECARD

Bharati Shipyard has reported 126 per cent rise in net profit at Rs 10.44 crore during the third quarter ended December 2005 against Rs 4.62 crore during the corresponding period of the previous year.

Total income from the operations grew 79.48 per cent to Rs 70.52 crore from Rs 39.29 crore last year.

"The main driver behind the jump in net profit was due to the subsidy provision to the extent of Rs 4.86 crore during the quarter," a senior company executive said.

Net profit excluding subsidy amount stood at Rs 7.21 crore against Rs 4.62 crore in the last corresponding period. Expenditure on raw material grew to Rs 40.14 crore from Rs 20.24 crore. The order book position stood at Rs 1,031.62 crore against Rs 422.60 crore in Q3 FY05.

The company is primarily engaged in a single business segment of design and construction of seagoing, coastal, harbour and inland vessels. It had raised $100 million by way of FCCBs during the reporting quarter.