Mumbai: Bharati Shipyard posted a nearly steady profit growth for the quarter-ended December and expects outlook to remain stable over the next few quarters, a top official told reporters on Thursday.
The shipbuilder posted a net profit of about Rs32.9 crore compared with nearly Rs31.8 crore a year ago while net sales grew nearly a third to Rs336 crore.
“We expect to maintain this growth rate. We have an order visibility for the next 2-3 years,” managing director P.C. Kapoor told a news conference, while adding he is bidding for several defence orders.
Bharati Shipyard has an order book of Rs4,987 crore, as on 31 December, he said.
“There is still some slowdown in cargo vessels,” said Kapoor, a naval architect from IIT Kharagpur. “People are still waiting to see what the demand-supply situation is. They are all waiting for the recession to get over,” he told reporters.
The firm did not receive any fresh orders in the December quarter, he added.
Ahead of the announcement, shares in Bharati ended down 2.3% at Rs271 in a flat Mumbai market.
Bharati Shipyard, which holds 45.88% stake in Great Offshore, is not in talks with rival ABG Shipyard for a further stake buy, Kapoor said.
ABG holds more than 15% in Great Offshore, which was recently embroiled in a six-month-long takeover battle with the two shipbuilders slugging it out to take a majority stake in the former.
ABG exited the race after rival Bharati raised the open offer price to Rs590 a share compared with ABG’s Rs520.