Cochin Shipyard Limited(CSL) announced on Wednesday (September 17) that it has signed a contract with Oil and Natural Gas Corporation Limited (ONGC) for dry dock and major lay-up repairs of one of its jack-up rigs. The order, valued at approximately ₹200 crore, is expected to be executed within 12 months.
The company clarified that the project does not fall under related-party transactions and that none of its promoter group companies have any interest in ONGC.
Q1 results
Earlier, on August 12, CSL reported a robust Q1 performance for the quarter ended June 2025. Net profit rose 7.9% year-on-year to ₹187.8 crore from ₹174 crore in the same period last year. Revenue surged 38.5% to ₹1,068 crore against ₹771.5 crore in Q1FY25.
At the operating level, EBITDA jumped 35.7% to ₹241.3 crore compared with ₹177.8 crore last year. However, margins dipped slightly by 50 basis points to 22.5% from 23%.
Shares of Cochin Shipyard Ltd ended higher on Wednesday (September 17) by 3.48 % at ₹1,885 on the NSE.
Shares of Oil and Natural Gas Corporation Ltd ended higher on Wednesday (September 17) by 0.76 % at ₹236.87 on the NSE.
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