On Friday, November 22, Cochin Shipyard said that it and Seatrium Letourneau USA, Inc. (SLET) had signed a memorandum of understanding (MoU) for the design and essential equipment of jack-up rigs for the Indian market.
According to the company, the cooperation intends to take advantage of chances for mobile offshore drilling units made to satisfy the demands of the Indian market by leveraging SLET’s technical know-how and design capabilities in addition to Cochin Shipyard’s experience in shipbuilding.
It further stated that this partnership aligns with the government’s endeavours under the Make in India campaign.
Over the last six months, Cochin Shipyard’s stock has dropped 20%. According to BSE data, the benchmark S&P BSE SENSEX has increased by more than 6.5%.
Cochin Shipyard reported a 4% YoY rise in net profit at ₹189 crore for the quarter ending September 30, 2024 (Q2 FY25).
According to a regulatory filing, Cochin Shipyard reported a net profit of ₹182 crore for the same quarter of the prior fiscal year. Compared to ₹1,011.7 crore in the same quarter of the previous fiscal year, the company’s operating revenue climbed 13% to ₹1,143.2 crore.
Compared to ₹191.2 crore recorded in the same period of the previous fiscal year, EBITDA increased 3.2% to ₹197.3 crore in the reviewed quarter.
For the fiscal year 2024–2025, the corporation additionally announced an interim dividend of ₹4 per equity share of ₹5 each, fully paid up (80%). The interim dividend’s record date was set for Wednesday, November 20, 2024. Eligible stockholders will receive the interim dividend by December 06, 2024, at the latest.
The government used an offer for sale (OFS) in October to sell up to 5% of Cochin Shipyard at a floor price of ₹1,540 per share.
Two shallow-water anti-submarine warfare vessels built at Cochin Shipyard for the Indian Navy were launched in September.
