Garware Offshore Services Ltd posted 92 per cent rise in net profit at Rs 9.95 crore in the first quarter of the current fiscal as compared to Rs 5.19 crore in the crore in the corresponding period last year.
Total turnover of the company jumped 56.7 per cent at Rs 30.81 crore from Rs 19.67 crore. “The increase in revenues has been due to two main factors i e the revenue of the PSV M V Kamet which had not commenced her contract with ONGC till the end of the same quarter last year and the re-pricing of some of the contracts of the existing vessels," said Aditya Garware, vice-chairman & managing director of the company.
He added that the company is on schedule in terms of its expansion plans and will shortly take delivery of one more AHTSV, taking the entire fleet to 9 vessels.