Cochin Shipyard Limited (CSL), the largest shipbuilding and shiprepair yard of India paid a dividend of Rs 16.87 crores to GOI today. The dividend cheques were handed over to Honb’le Minister of Shipping, Shri G K Vasan by Cmde K Subramaniam, Director (Operations) & Officiating Chairman and Managing Director, Cochin Shipyard Ltd. The dividend was declared at the 38th Annual General Meeting of the company held on 09 September 2010 and consists of Re.1 per Equity Share on the 11,32,80,000 fully paid equity shares of Rs.10 each amounting to Rs.11,32,80,000 (Rs.11.32 Crores) and Rs.70 per 7,91,420 fully paid 7% Non Cumulative Preference Shares of Rs.1,000/- each amounting to Rs.553,99,400/- (Rs 5.54 Crores). This is the second consecutive year that the company is paying dividend to the Government of India. During the financial year, the company had redeemed preference shares amounting to Rs 40 crores in September 2009.
The yard had been able to increase its turnover three times from Rs 373 crores in 2005-06 to Rs 1248 crores in 2009-10. During the same period the company’s Profit Before Tax increased by 13 times from Rs 25 crores to Rs 331 crores and the Net Profit by 12 times i.e from Rs 18 crores to Rs 223 crores.
The above phenomenal growth of the company was achieved through the right mix of commercial and defence orders from domestic and international clientele, dedication & skill of workforce, excellent infrastructure & the unstinting support and encouragement of the Ministry of Shipping. The year 2010-11 has commenced on a positive note for CSL. The yard has delivered five Offshore Supply Vessels to various international owners during the current year. Presently the yard is constructing 15 Offshore Supply Vessels for domestic and international owners out of which only four are for the domestic owners, The Shipping Corporation of India. Besides, the yard is also constructing the prestigious ‘ Indigenous Aircraft Carrier’ for the Indian Navy.
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