In a regulatory filing, Cochin Shipyard said, “The company has received a communication from the Ministry of Defence stating that Cochin Shipyard (CSL) has been declared as L1 by the Indian Navy for MR/Mid Life Upgrade of an Indian Naval Ship.”

The final contract will be executed in due course, it added.

The estimated contract value is around Rs 300 crore and the duration is roughly 24 months.

Cochin Shipyard is engaged in shipbuilding & ship repair. As on 31 March 2023, the Government of India held 72.86% in the company.

The company's consolidated net profit slumped 85.7% to Rs 39.34 crore in Q4 FY23 from Rs 274.62 crore recorded in Q4 FY22. Revenue from operations dropped 50.5% year on year to Rs 600.09 crore in the quarter ended 31 March 2023.