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Informist, Thursday, Nov. 7, 2024

--Cochin Shipyard Jul-Sept net profit INR 1.93 bln vs INR 1.91 bln year ago

--Cochin Shipyard Jul-Sept revenue INR 10.97 bln vs INR 9.54 bln year ago

--Cochin Shipyard to pay INR 4 per share interim dividend 

--Cochin Shipyard:Board OKs raising up to $50 mln via senior unsecured notes 

--Cochin Shipyard Apr-Sept net profit INR 3.74 bln vs INR 3.00 bln year ago

--Cochin Shipyard Apr-Sept revenue INR 18.07 bln vs INR 13.98 bln year ago 

By Ketan Barot

MUMBAI – Cochin Shipyard Ltd.'s net profit of INR 1.93 billion for the September quarter missed the Street's estimates, while its revenue from operations of INR 10.97 billion met its view. The company's net profit in Jul-Sept is up 1.1% from INR 1.91 billion in the same quarter a year ago. Analysts had expected the company to report a net profit in the range of INR 1.99 billion – INR 2.01 billion.

The company's revenue for the September quarter is up 15% from INR 9.54 billion in the same period a year ago. Analysts had expected the company to report revenue in the range of INR 10.02 billion – INR 10.50 billion. For Apr-Sept, the company reported a net profit of INR 3.74 billion, up 24.5% on year, and a revenue of INR 18.07 billion, up 29.2% on year.

The company's total income for the September quarter was INR 11.97 billion, up 14.9% from INR 10.42 billion a year ago, while the other income of the company was INR 1 billion, up 14.5% from INR 876 million a year ago. The company incurred total expenses of INR 9.31 billion for the September quarter, up 18.8% from INR 7.84 billion a year ago. The cost of materials consumed for the September quarter was INR 5.90 billion, up 29.2% from INR 4.57 billion reported a year ago, while the other expenses were INR 675 million, up 25.8% from INR 537 million a year ago.

The sub-contract and other direct expenses fell 9.6% on year to INR 1.39 billion from INR 1.54 billion a year ago, while the employee benefit expenses grew 6.4% on year to INR 992 million from INR 932 million. The company declared an interim dividend of INR 4 per share. The company's board also approved the raising up to $50 million by issuing non-convertible senior unsecured fixed rate notes in one or more tranches. The funds will be used to finance the company's sustainable projects or other permissible end uses. Thursday, shares of the company closed at INR 1,523.85 on the National Stock Exchange, down 0.9%.  End

Edited by Deepshikha Bhardwaj

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