The company said that the agreement is expected to open-up voyage repairs of US Navy Ships at Mazagon Dock.

This is a non-financial agreement. There are only two shipyards in the country including MDL who have signed MSRA, it added.

Mazagon Dock Shipbuilders 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 the quarter ended 30 June 2023.