Cochin Shipyard Limited (CSL) reported a 47.7% decline in net profit at ₹108.36 crore for the September quarter of the current fiscal. The company had posted a net profit of ₹207.57 crore in the same period last year.
Revenue from operations fell 32.43% to ₹657.40 crore in the quarter under review as compared with ₹972.86 crore in the September quarter of last fiscal.
The Chennai bench of the National Company Law Tribunal (NCLT) had on March 4 approved the resolution plan submitted by CSL for acquisition of Tebma Shipyards Limited (TSL) which was undergoing insolvency proceedings, a communication said.
In compliance with the NCLT order, the CSL said it had 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, in order 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, it said.
