New Delhi | State-owned Cochin Shipyard Ltd on Friday reported multi-fold growth in its consolidated net profit to Rs 258.88 crore for the March 2024 quarter on account of higher income.

It had clocked Rs 39.33 crore profit in the year-ago period, the company said in a regulatory filing.

The company's total income rose to Rs 1,366.16 crore from Rs 671.32 crore in January-March FY23.

The board of the company also approved a final dividend of Rs 2.25 per share for FY24.

Cochin Shipyard is one of the leading shipbuilding and repair yards in India. It also has an exclusive area set for offshore construction and future expansion.

The company earned a revenue of Rs 985.15 crore from the shipbuilding segment against Rs 453.84 crore in Q4 FY23.

From ship repairing, it has registered a revenue of Rs 300.89 crore compared to Rs 146.24 crore a year ago.

For the full FY24, the company's profit more than doubled to Rs 783.27 crore from Rs 304.70 crore in FY23.