The shares of the leading shipbuilding company gained 2.7% after it received a significant order from Adani Harbor Services Limited for the construction of three ASD (Azimuthing Stern Drive) tugs, each with a bollard pull power of 70 tons.
On Friday, Cochin Shipyard Ltd’s shares traded at Rs 1,948 on the National Stock Exchange, marking a 0.49 percent decrease, The company has a market capitalization of Rs 51,239 crore.
According to the company’s exchange filing,Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited (CSL), has secured a significant order from its existing customer, Ocean Sparkle Limited (OSL), a leading Indian tug operator and a subsidiary of Adani Harbor Services Limited.
The order, valued between Rs100 and Rs 250 crore, is for the construction of three ASD (Azimuthing Stern Drive) tugs with a 70 T Bollard Pull Power. The contract was signed by Shri Harikumar A, CEO of UCSL, and Shri Hiren Shah, MD and CEO of OSL.
Previously, UCSL had constructed two 62 T bollard pull ASD tugs for OSL. These tugs were delivered ahead of their contractual delivery dates and are currently deployed by OSL at Paradeep Port and New Mangalore Port.
These new 70 Tonne Bollard Pull Tugs will feature a length of 33 meters, a beam of 12.2 meters, and a draft of 4.2 meters. They will be powered by two main engines of 1838 kW, thrusters with a 2.7-meter diameter, and diesel generators of 150 kW.
Additional equipment includes a forward towing winch, an aft winch, a deck crane with a 3-tonne capacity, and an external fire fighting system (FIFI-1) capable of 2800 cubic meters per hour.
Cochin Shipyard Ltd (CSL), the largest shipbuilding and maintenance facility in India, is the market leader in constructing, repairing, and upgrading various types of vessels.
The company has developed its expertise across a range of ship types, from bulk carriers to technologically advanced vessels like Platform Supply Vessels and Anchor Handling Tug Supply Vessels.
Company shares have surged, gaining 233% in the last six months and 679% in the last 12 months. The company has built and repaired some of the largest ships for its esteemed customers globally and has exported approximately 45 ships to various international clients.
Recently, Cochin Shipyard Limited secured a prestigious international contract from North Star Shipping, a leading UK offshore renewable operator, to build hybrid Service Operation Vessels for the Scottish Power Renewables East Anglia THREE offshore wind farm.
The company’s revenue increased by 112% year-on-year, rising from Rs 577 crore in Q4FY23 to Rs 1,225 crore in Q4 FY24. Net profit saw a significant increase of 463%, growing from Rs 47 crore to Rs 265 crore.
Written by Omkar Chitnis
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