Mazagon Dock Reports a Two-Fold Increase in Q1 FY25 Net Profit to Rs 696 Crore

State-run Mazagon Dock Shipbuilders has announced a remarkable two-fold increase in its consolidated net profit for the first quarter of FY25, reaching Rs 696.10 crore. This significant rise, compared to Rs 314.34 crore reported in the same period last fiscal, is attributed to higher revenues and reduced expenses.

For the quarter ending June 30, 2024, Mazagon Dock's revenue from operations was Rs 2,357.02 crore, up 8.48% from Rs 2,172.76 crore in Q1 FY2024. The company's total expenses decreased by nearly 14% to Rs 1,739.23 crore from Rs 2,022.10 crore in the previous fiscal year.

As of June 30, 2024, Mazagon Dock's total order book stood at a robust Rs 36,839 crore. During the quarter, the company secured a significant contract with a European client for the construction of three additional 7500 DWT multi-purpose hybrid-powered vessels (MPHPVs), valued at approximately USD 43 million. This brings the total value of its export orders for MPHPVs to approximately USD 85 million.

Mazagon Dock also made strides in eco-friendly maritime transportation. The company launched the SaurShakti, India’s fastest solar-electric boat, developed in collaboration with NavAlt. Additionally, on May 14, 2024, the company introduced a 24-passenger hydrogen fuel cell boat, marking a new milestone in sustainable maritime technology.