Company board recommends Rs12 final dividend against each equity share
KOCHI: The standalone fourth quarter net profit of Cochin Shipyard Ltd (CSL) surged by 122.38 per cent from Rs41.20 crore for the previous period to Rs91.62 crore for the quarter ending March 31, 2018.
The board has recommended a final dividend of Rs12 or 120 per cent on the paid up capital of the company for the financial year 2017-18 subject to the approval of the shareholders
The full year net profit of the company increased from Rs321.55 crore to Rs396.75 crore. During the period, the consolidated net profit was to the tune of Rs396.26 crore.
The cost of materials during the reporting quarter ending March 31, 2018 was lower by about Rs100 crore, which has obviously helped the company achieve a much better bottom line this time.
The standalone total income for the reporting quarter was at Rs638.70 crore as against Rs567.49 crore the company earned for the same period last year.
The total asset of the company stood at Rs5469.29 crore compared with Rs3316.53 crore a year ago. While the total revenue generated by the ship building during the year was Rs1731.86 crore compared with Rs1515.82 crore for the previous year, the income from ship repair was Rs623.26 crore and Rs543.05 crore respectively for the two periods.
The company had completed an initial public offer (IPO) of 33,984,000 equity shares of face value of Rs10 each. This comprised an offer for sale of 11,328,000 equity shares (10 per cent of its equity shareholding) and a fresh issue of 22.656,000 equity shares and shares were allotted August 9, 2017.
Hooghly Cochin Shipyard Ltd (HCSL) was established as a subsidiary of the company in October, 2017 as an arrangement between Cochin Shipyard Ltd and Hooghly Dock & Port Engineers Ltd (HDPEL), wherein CSL was offered 16,280,000 equity shares of face value of Rs10 each on preferential basis for cash (74 per cent) and Hooghly Dock & Port Engineers Ltd was offered 5,719,980 equity shares of face value of Rs10 each for consideration other than cash (26%).