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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.
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Also lays keel for two more vesselsIn 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.
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