The delivery of the first vessel is slated in 27 months after the contract becomes effective

According to the exchange filing, Mazagon Dock Shipbuilders Limited signed Shipbuilding Contracts with the European client to construct three units of 7,500 DWT Multi-Purpose Hybrid Powered Vessels on December 14, 2023, for a value. of approx. 42 million USD.

The contract, signed on December 14, 2023, outlines the construction of three state-of-the-art 7,500-deadweight tonne (DWT) multi-purpose hybrid powered vessels, with a total contract value estimated at around $42 million.

The nature of the order encompasses the comprehensive process of designing, building, and delivering these advanced vessels upon completion, the Mumbai-based shipbuilder said.

The timeline for execution is well-defined, with the delivery of the first vessel slated for 27 months after the contract becomes effective. Subsequent vessels are scheduled to be delivered at intervals of two months.

The company’s revenue has increased by 7.5 percent yearly, from Rs 1,702 crore in Q2FY23 to Rs 1,828 crore in Q2FY24. During the same timeframe, Net profit has jumped by 56 percent from Rs 200 crore to Rs 313 crore.

MDSL has undertaken a modernization program for Rs 900 crore and has increased the building capacity of warships and Submarines over the period since 2014.

The company has developed Shore Integration Facilities (SIF) for Shipbuilding and Submarine Divisions, separately, to integrate and simulate various systems and equipment before fitting them onboard.

On Oct 21, 2022, MDSL collaborated with Altair, a global leader in computational science and artificial intelligence (AI), for multiple simulation areas.

The collaboration agreement strengthens the relationship between the two companies, as MDSL already utilizes various Altair solutions to develop its robust ship design and engineering offerings.

The order book of the company stands at Rs 37,500 crore, the company also received new orders in the shipbuilding and carrier training ship of about Rs 350 crore.

Mazagon Dock Shipbuilders Limited is a prominent shipyard in India. It primarily manufactures for the defence sector and has built 801 vessels including 27 warships ranging from advanced destroyers to missile boats and 7 submarines.

Mazagon Dock is India’s only shipyard building Destroyers and Conventional Submarines for the Indian Navy. Company has delivered cargo & passenger ships, supply vessels, water tankers, tugs, dredgers, fishing trawlers, barges & borders for various customers in India.