Cochin Shipyard announced the commencement of commercial operations of its International Ship Repair Facility (ISRF) in Kochi.
What happened: The company announced the commencement of operations of the ISRF on Monday evening after the successful docking of the vessel ‘HSC Parali’ of the Union Territory of Lakshadweep.
See also: HUDCO reports 25% jump in net profit to Rs 557 Cr in Q1
The ISRF, a Rs 970 crore project, is located on a 42-acre leased land of the Cochin Port Authority at Willingdon Island, Kochi. Equipped with a 6,000-ton ship lift, six work stations and about 1,400 meters of berths, the facility can handle ships of maximum length of 130 meters and repair six such ships at a time at the dry work stations.
Earlier this month, the defence major reported its earnings for the quarter ended June. The company posted a 65.3% year-on-year rise in net profit to ₹180.84 crore in the June quarter, with revenue from operations increasing 59.83% to ₹709.84 crore. The company’s revenue from shipbuilding rose 58.25% year-on-year to ₹465.06 crore, while revenue from ship repair rose 62.88% to ₹244.77 crore.
Read more: IRFC expects Q1 net profit to rise to ₹1,576.8 Cr, revenue to ₹6,765 Cr
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