Cochin Shipyard pays dividend to the Government
Deepthi | Myequity news | Date : 28-08-2018 18:00:00 IST
Cochin Shipyard Limited (CSL), a Schedule B Miniratna PSU under the Ministry of Shipping, paid a dividend of Rs. 122.34 crores to Government of India on August 21, 2018. After the Initial Public Offer of equity shares of CSL, the Govt. of India holds 75% in the equity share capital of CSL and the balance 25% is held by the general public. The Company is paying dividend for the tenth consecutive year.
A dividend of Rs. 12 per Equity Share was paid on the 10,19,52,000 fully paid equity shares of Rs. 10 each held by the Government of India. In addition, the yard has also contributed Rs. 357.49 crores to the exchequer by way of Value Added Tax, Income Tax, CST, Customs Duty, Service Tax, GST and Dividend Tax during the year 2017-18.
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. In spite of the continued global down-turn in shipbuilding industry, Cochin Shipyard achieved an all time high turnover of Rs. 2355.12 crores for the year 2017-18 as compared to Rs. 2058.87 crores in the year 2016-17. Cochin Shipyard also recorded an all time high profit after tax of Rs. 396.75 crores as compared to Rs. 321.55 crores for the previous year.About Cochin Shipyard Limited (CSL):
Cochin Shipyard Limited (CSL) is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, in the state of Kerala, India. Of the services provided by the shipyard are building platform supply vessels and double-hulled oil tankers. Presently it is building the first range of indigenous aircraft carriers for the Indian Navy, the Vikrant-class aircraft carriers. Cochin Shipyard was incorporated in 1972 as a Government of India company, with the first phase of facilities coming online in 1982. The company has Miniratna status. The yard has facilities to build vessels up to 1.1 million tons and repair vessels up to 1.25 million tons, the largest such facilities in India.