Cochin Shipyard signs MSRA with US Navy

KOCHI : Cochin Shipyard Limited, on April 6, announced that it has signed the Master Shipyard Repair Agreement (MSRA) with the United States Navy.

“Cochin has been qualified for entering into the MSRA after a detailed evaluation process and capability assessment by the US Navy – Military Sealift Command,” the company said in a regulatory filing.

Last week, the government-owned ship building and repair company signed a contract with a fell PSU stock — Hindustan Aeronautics worth Rs 1,173.42-crore.

On January 31, the company bagged an order from an European client, for the design and construction of one hybrid service operation vessel (SOV). The total project cost for the firm order is approximately Rs 500 crore and the vessel is to be delivered in 2026. In the same month,  the company opened a new dry dock and the International Ship Repair Facility (ISRF) in Kochi costing Rs 1,799 crore.

During the quarter ended December 2023, the company witnessed a remarkable surge in net profit, soaring by 121 percent year-on-year to reach Rs 244.4 crore.

Additionally, revenue from operations experienced an increase, rising by 64 percent year-on-year to Rs 1,056.4 crore. Moreover, the board of directors proposed the distribution of the company’s second interim dividend of Rs 3.50 per share of Rs 5 each fully paid (70 percent) for the fiscal year 2024.

On April 5, the Cochin Shipyard stock has gained a percent to trade at Rs 1,081. Since the start of the year, the stock has rallied almost 60 percent.