Mumbai, Aug 10 (PTI) Cochin Shipyard Ltd (CSL), the country's largest commercial shipbuilder, on Tuesday reported a 30 per cent decline in consolidated profit after tax (PAT) to Rs 28.65 crore for the June 2021 quarter.

CSL had posted a profit after tax of Rs 41.43 crore in the corresponding quarter of the last financial year, according to a regulatory filing.

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The company's revenue from operations in April-June 2021 declined marginally to Rs 329.42 crore, compared with Rs 332.47 crore clocked in the year-ago period, as per the filing.

Commenting on its consolidated financial performance in the quarter, the shipbuilder in a statement said, "The group's operations and financial results for the quarter ended June 30, 2021, have been negatively impacted by the second wave of the COVID-19."

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The pandemic had prompted a statewide lockdown resulting in a temporary disruption of operations of the holding company from May 8 this year till May 30, it stated.

"The company continued to work on a reduced time scale for a significant period of the first quarter of the current fiscal, which further affected the financial results of the group during the reporting quarter," it said.

"The company's subsidiary, Tebma Shipyards Limited (TSL), at Malpe faced the fury of Cyclone Tauktae, and COVID-19 second wave forced the yard to slow down its revival process due to the lockdown from May 10 to June 13, 2021.

"Subsequently, TSL has picked up its revival process and the company is expected to commence operation in upcoming months," CSL said in the filing.

The group has looked at the possible "future uncertainties" in the economic conditions because of the pandemic from internal and external information such as the current contracts, financial strength of the supply chains and customers, among others.

"Based on such information and current estimates, the group expects that the carrying amount of the assets will be recovered and there will be no significant impact on liabilities recognised," it added. HRS hrs

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