PSU defence company Mazagon Dock Shipbuilders Ltd on Wednesday (December 4) addressed recent media reports about the potential acquisition of three additional Scorpene-class submarines under Project 75.
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The company confirmed that commercial negotiations for the project are ongoing but reiterated that it has not received any final communication regarding the matter.
“We refer to the news items circulating in the mainstream media regarding the 3 additional submarines of the Scorpene class under Project 75. In this connection, commercial negotiations with respect to the project are in process. We are yet to receive any final communication in this regard,” Mazagon Dock Shipbuilders said in a regulatory filing.
What is Project 75?
The Scorpene-class submarines under Project 75 are a class of diesel-electric attack submarines designed for the Indian Navy. They are being built as part of India’s efforts to modernise its submarine fleet and enhance its naval defence capabilities.
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The Scorpene class is based on the French-designed Scorpène submarine, developed by the Naval Group (formerly DCN) in collaboration with Indian shipbuilders. These submarines are known for their stealth, agility, and advanced sonar and weapon systems.
The primary features of the Scorpene class include superior underwater endurance, the ability to carry out covert operations, and the capability to launch a wide range of missiles and torpedoes. The submarines are also equipped with advanced technologies for reduced noise levels, which enhance their effectiveness in combat scenarios.
Mazagon Dock Shipbuilders’ net profit for the quarter increased by 76% year-on-year (YoY) to ₹585 crore, while revenue grew by 51% from the year-ago period to ₹2,757 crore. The company’s net profit increased despite a substantial increase in provisions.
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Provisions at the end of the quarter increased by ₹58 crore from ₹22 crore during the same period last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter increased to ₹510 crore, up from ₹176 crore during the same period last year.
Shares of Mazagon Dock Shipbuilders Ltd ended at ₹4,879.80, up by ₹174.45, or 3.71%, on the BSE.
(Edited by : Shoma Bhattacharjee)