Hot Pursuit     10-Oct-23
Mazagon Dock inks pact with European client
The letter of intent is for constructing multipurpose hybrid power vessels.
Mazagon Dock Shipbuilders (MDL), India's leading shipbuilding company, has signed a letter of intent with a European client for the construction of six firm and four optional units of 7500 dead weight tonnage (DWT) multi-purpose hybrid power vessels. The prices will be finalized upon signing the contract.

MDL is one of India's leading defence public sector undertaking shipyard under the Ministry of Defence. Its main activities are construction of warships and submarines.

The company's standalone net profit surged 32.07% to Rs 286.62 crore in Q1 FY24 as against Rs 217.02 crore posted in Q1 FY23. Revenue from operations jumped 32.26% year on year (YoY) to Rs 2,172.76 crore in Q1 June 2023.

Shares of MDL fell 3.56% to Rs 2073.70 on 9 October 2023.

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