State-owned Mazagon Dock Shipbuilders Ltd (MDL) on Friday (December 15) said the company has inked a $42-million contract with a European client.
"This is to inform that Mazagon Dock Shipbuilders Limited (MDL) has signed individual Shipbuilding Contracts with the European client for the construction of three (03) units of 7,500 DWT Multi-Purpose Hybrid Powered Vessels on December 14, 2023, for a value of approximately $42 million," MDL said a regulatory filing.
The contract, signed on December 14, 2023, outlines the construction of three state-of-the-art 7,500-deadweight tonne (DWT) multi-purpose hybrid powered vessels, with a total contract value estimated at around $42 million.
The nature of the order encompasses the comprehensive process of designing, building, and delivering these advanced vessels upon completion, the Mumbai-based shipbuilder said.
The timeline for execution is well-defined, with the delivery of the first vessel slated for 27 months after the contract becomes effective. Subsequent vessels are scheduled to be delivered at intervals of two months.
For the September quarter, Mazagon Dock reported revenue of operations worth ₹1,827 crore, which is higher than the ₹1,702 crore it reported during the same quarter last year. Net profit for the period also increased to ₹332.9 crore, compared to ₹213.9 crore in the year-ago quarter.
Operating profit or EBITDA for the quarter increased by 50% year-on-year to ₹176.7 crore, while the EBITDA margin expanded by nearly 300 basis points to 9.7% from 6.9% in September last year.
The company also retained its revenue growth guidance for the financial year 2024 at 12-15%. It had raised this guidance from 10-12% earlier post its June quarter results.
Shares of Mazagon Dock Shipbuilders Ltd ended at ₹2,081.35, up by ₹9.30, or 0.45%, on the BSE.
(Edited by : Shoma Bhattacharjee)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | Will Amethi and Rae Bareli see the rise of Priyanka Gandhi as a dominant political figure
May 18, 2024 8:59 AM
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM