Notification
No new Notification messages
Enviro Infra Engineers IPO is Open!
Apply for the Enviro Infra Engineers IPO through UPI in just minutes.
Q2 FY'24-25 Results of Top Companies
Reliance, TCS, HDFC Bank & more: Explore key financial highlights from India's top quarterly results.
Open a Free Demat Account
Pay ZERO maintenance charges for the first year, get free stock picks daily, and more.
Trade Now, Pay Later with up to 4x
Never miss a good trading opportunity due to low funds with our MTF feature.
Track Market Movers Instantly
Stay updated with real-time data. Get insights at your fingertips.

Cochin Shipyard Partners with SLET for Jack-Up Rigs

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Cochin Shipyard Ltd collaborates with Seatrium Letourneau USA to design jack-up rigs for the Indian market. Q2 profits grew by 4% to ₹189 crore, with revenue up 13% to ₹1,143.2 crore.

Cochin Shipyard news today

Cochin Shipyard Ltd (CSL) has entered into a strategic memorandum of understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET). This partnership focuses on designing and supplying critical equipment for jack-up rigs, targeting the Indian market.

This collaboration leverages CSL’s extensive expertise in shipbuilding and engineering alongside SLET’s advanced offshore drilling technology. Together, they aim to create Mobile Offshore Drilling Units (MODUs) tailored to the needs of the Indian market, aligning with the government’s 'Make in India' initiative.

Also read: RVNL Bags ₹837.67 Crore Railway Project with SCPL JV

COCHIN SHIPYARD LIMITED

Trade

1364.2564.94 (4.99 %)

Updated - 25 November 2024
1364.25day high
DAY HIGH
1334.60day low
DAY LOW
545739
VOLUME (BSE)

Enhancing India's Offshore Drilling Capabilities

The agreement will facilitate the development of jack-up rigs with advanced design and critical components, promoting localised production and reducing reliance on imports. By combining CSL’s robust shipbuilding capabilities with SLET’s technical expertise, the initiative aims to strengthen India's offshore infrastructure and energy sector.

The move supports India’s ambitions of expanding its offshore drilling operations and bolstering self-reliance in the energy domain. This collaboration also showcases CSL’s commitment to expanding its capabilities in innovative and high-demand projects.

Financial Performance And Market Impact

Cochin Shipyard Ltd reported positive financial performance for Q2 FY24, with a year-on-year increase in both net profit and revenue:

  • Net profit: ₹189 crore, up 4% YoY

  • Revenue: ₹1,143.2 crore, a 13% growth YoY

  • EBITDA: ₹197.3 crore, up 3.2% YoY

  • EBITDA margin: Narrowed to 17.3% from 18.9% YoY

The partnership announcement comes amidst steady growth in the company’s operations, reflecting its strong market position.

Also read: RITES Secures Revised Estimates for ₹531.77 Cr Project

Cochin Shipyard Ltd Share Price Update

The Cochin Shipyard Ltd share price closed higher at ₹1,298.50 on the BSE, reflecting a marginal increase of ₹2.80 or 0.22%. The partnership with SLET is expected to drive further investor interest, boosting the long-term growth outlook for the company.

Cochin Shipyard’s collaboration with Seatrium Letourneau USA underscores its commitment to advancing offshore drilling technology in India. This strategic partnership aligns with the government’s 'Make in India' vision while positioning CSL as a key contributor to the nation's energy and infrastructure growth.

Also read: HG Infra Secures ₹1,110 Crore Battery Storage Project

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

8 Lacs + Users

icon-with-text

4.8+ App Rating

icon-with-text

4 Languages

icon-with-text

₹5000+ Cr MTF Book

icon-with-text