Cochin Shipyard pays ₹17-cr dividend to Centre

Our Bureau Kochi | Updated on October 12, 2014 Published on October 12, 2014

The public sector Cochin Shipyard Ltd (CSL) has paid a dividend of ₹16.99 crore to the Centre.

The dividend cheque was handed over to Union Shipping Minister Nitin Gadkari by Chairman and Managing Director of CSL K Subramaniam.

The dividend is of ₹1.5 per equity share on the 11,32,80,000 fully paid equity shares of ₹10 each. It is for the sixth consecutive year the PSU is paying dividend. In addition, the yard has also contributed ₹162.10 crore to the exchequer by way of VAT and other taxes.

A statement issued here said the performance of the yard had been impressive in the last several years despite a very challenging business environment.

The company’s turnover has increased five-fold from ₹373 crore in 2005-06 to ₹1,637 crore in 2013-14. The net profits have more than doubled during the period from ₹94 crore to ₹194 crore.

Considering the sluggish market, the yard performed creditably by posting an increase of 5 per cent, both in turnover which increased from ₹1,554 crore in 2012-13 to ₹1,637 crore this year and in net profit which was up from ₹185 crore in 2012-13 to ₹194 crore this year.

With a net worth of ₹1,352 crore, the present book value of the company’s shares of face value of ₹10 is ₹ 121. The company is looking at enlarging its product range and is actively pursuing the construction of dredgers and LNG vessels, the statement said.

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Published on October 12, 2014
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