State-Run Shipyards Record Unprecedented Profits in FY 2024 Amid India's Push for Maritime Self-Reliance

The Indian government, under Prime Minister Narendra Modi's leadership, is intensifying efforts to make India self-reliant in the maritime sector by bolstering shipbuilding and ship repair capabilities. This focus aligns with the ambitious goals outlined in the Maritime India Vision 2030 (MIV 2030) and the Amrit Kaal Vision 2047. The Ministry of Ports, Shipping, and Waterways has highlighted a significant demand for large vessels in the Indian shipping market. If Indian shipyards successfully capitalize on this demand, it could translate into a substantial opportunity worth over USD 237 billion (Rs 20 lakh crore) by 2047. In this context, three state-run shipping companies have reported their highest-ever consolidated profits for FY 2024. Mazagon Dock: Mazagon Dock, a state-run enterprise, recorded a consolidated Profit After Tax (PAT) of Rs 1,937 crore in FY 2024. The company has shown consistent profit growth since March 2020. As of the June quarter, Mazagon Dock’s order book stood at Rs 36,800 crore. The company is preparing to bid for eight next-generation corvettes, with several other projects in their initial stages. In FY 2025, Mazagon Dock