Cochin Shipyard pays Dividend to Government of India for the Seventh Consecutive Year

Cochin Shipyard pays Dividend to Government of India for the Seventh Consecutive Year 

Cochin Shipyard Limited (CSL), a PSU under the Ministry of Shipping, paid a dividend of Rs 16.99 crores to Government of India today. The Company is paying dividend for the seventh consecutive year. The dividend cheque was handed over to Shri Nitin Gadkari, Union Minister of Shipping, Road Transport and Highways by Cmde K Subramaniam CMD, CSL. Shri Rajive Kumar, Secretary, Shipping and other senior officials of the Ministry were present on the occasion. 

The dividend is of Rs 1.5 per Equity Share on the 11,32,80,000 fully paid equity shares of Rs 10 each. In addition, the yard has also contributed Rs 190 crores to the exchequer by way of Value Added Tax, Income Tax, Fringe Benefit Tax, Excise Duty, Customs Duty and Service Tax during the year 2014-15.

The performance of Cochin Shipyard had been consistently impressive in the last several years despite a very challenging business environment in the Shipbuilding / Ship repair and Shipping scenario. Cochin Shipyard’s turnover has increased fivefold from Rs. 373 crores in 2005-06 to Rs.1859 crores in 2014-15. Likewise the Net Profits have more than doubled during the period from Rs. 94 crores to Rs. 235 crores. Considering the sluggish market, CSL performed creditably by posting an increase of 13%, both in turnover which increased from Rs 1637 crores in 2013-14 to Rs 1859 Crores this year and in net profit which was up from Rs 194 Crores in 2014-15 to Rs 235 Crores this year. CSL’s achievements during the year include delivery of 07 Fast Patrol Vessels to the Indian Coast Guard. The project of construction of Fast Patrol Vessel is proceeding ahead of schedule. During the year, CSL also delivered the Buoy Tender Vessel on 09 April 2015, a good two months ahead of the schedule delivery.