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.