Logistics

Cochin Shipyard reports 47% drop in Q2 net profit

Our Bureau Kochi | Updated on November 13, 2020

Cochin shipyard

Cochin Shipyard Limited  (CSL) has reported a 47.70 per cent decline in its net profit at ₹108.36 crore in the second quarter of the current fiscal. The company had posted a net profit of ₹207.57 crore in the same period last year.

The revenue from operations fell 32.43 per cent to ₹657.40 crore in Q2 as compared with ₹972.86 crore in the September quarter of last fiscal.

The Chennai bench of National Company Law Tribunal (NCLT) had on March 4 approved the resolution plan submitted by CSL for the acquisition of Tebma Shipyards Limited (TSL) which was undergoing insolvency proceedings, the company said in a release.

 

In compliance with the NCLT order, CSL said it paid the bid amount for the takeover of TSL on September 15, with effect from which TSL has become a wholly-owned subsidiary of the company.

During the quarter, to meet the challenges facing the company in the wake of the Covid -19 pandemic, CSL extended hours of operations by working in two shifts. This impacted depreciation to the tune of ₹134.88 lakh during the quarter, the release said.

Published on November 13, 2020

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