Cochin Shipyard Q1 profit falls to Rs 43 cr due to COVID-19 lockdown

Cochin Shipyard Ltd (CSL) on Monday reported a standalone profit of Rs 43 crore in the quarter ended March, down from Rs 139 crore in Q1 FY20.

Cochin Shipyard Ltd (CSL) on Monday reported a standalone profit of Rs 43 crore in the quarter ended March, down from Rs 139 crore in Q1 FY20. Revenue from operations tumbled down from Rs 817 crore to Rs 332 crore in Q1 FY21 as the COVID-19 lockdown led to temporary disruption of operations from March 23 to May 5.

The largest commercial shipbuilder in India said it continued to work on a reduced time scale for a significant period of the quarter which effected its financial results. Total income in Q1 FY21 came down to Rs 397 crore from Rs 805 crore in Q1 FY20.

CSL has built and repaired some of the largest ships in India. It is presently building a prestigious indigenous aircraft carrier for Indian Navy. Industry experts say that shipbuilding can contribute immensely to the vision of making India a five trillion dollar economy by 2024. (ANI)

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