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A sharp rise in total expenses almost halved the net profit of Pipavav Defence and Offshore Engineering Company Ltd, which stood at Rs 4.53 crore in the quarter ended September, down 46 per cent from Rs 8.40 crore in the same period last year.
A 26 per cent year-on-year jump in company’s total expenses in the period under review to Rs 700 crore also hit the company’s operating profit which contracted to Rs 107.03 crore in the period under review from Rs 109.64 crore in the same period last year.
Within the expenditure segment, the other expenditure portion rose three times from last year to Rs 304 crore in the quarter ended September from Rs 104 crore a year ago. This was the main factor that contributed to the overall rise in total expenses.
Net sales of the company shot up to Rs 804 crore in the quarter ended September, up significantly from Rs 600 crore.
Revenue from the company’s shipbuilding and fabrication segment contributed significantly to the company’s topline. Revenue from this segment stood at Rs 616.98 crore much higher compared with Rs 495.46 crore recorded in the same period a year ago.
Pipavav Defence and Offshore Engineering Company Ltd is one of country's largest shipbuilding and heavy industry companies and is headquartered in Mumbai. The company has its shipyard in Gujarat.
