Mumbai, Jun 11 (PTI) The country's largest commercial shipbuilder Cochin Shipyard Ltd (CSL) on Friday reported a 55 per cent growth in consolidated profit to Rs 236.21 crore for the March 2021 quarter.

The company had posted a profit of Rs 152.37 crore in the March 2020 quarter, according to a regulatory filing.

Its total income during January-March 2021 jumped 37 per cent to Rs 1,148.24 crore, compared with Rs 861.07 crore in the year-ago period.

Total expenses spiked 26 per cent to Rs 856.41 crore in the fourth quarter of 2020-21, against Rs 677.77 crore a year ago.

For the full financial year 2020-21, the profit declined 3.68 per cent to Rs 608.66 crore as against a profit of Rs 632 crore in 2019-20.

Its total income also contracted by 17 per cent to Rs 3,009.72 crore in the last financial year, compared with Rs 3,667.57 crore a year ago.

The company in a statement said the pandemic-induced lockdown resulted in a temporary disruption in the company's operations from March 23, 2020, to May 5, 2020.

The firm continued operations on a reduced time scale during the first quarter, which affected the financials during that quarter.

From second quarter onwards, the company extended hours of operations by working in two shifts. This impacted depreciation to the tune of Rs 3.88 crore during the year ended March 31, 2021.

The company has looked at the possible future uncertainties in the economic conditions due to the pandemic from internal and external information, such as current contracts, financial strength of the supply chains and customers, it stated.

Based on such information and current estimates, CSL expects the carrying amount of these assets will be recovered and there is no significant impact on liabilities accrued, it said. HRS hrs

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