Mazagon Dock Shipbuilders Ltd revealed a substantial achievement on December 15 by securing a $42-million contract with a European client. Under this contract, the company will be tasked with constructing three multi-purpose hybrid-powered vessels.

This strategic move not only signifies a notable financial milestone for Mazagon Dock Shipbuilders Ltd but also highlights the company's ongoing commitment to expanding its expertise in shipbuilding and meeting the specific requirements of its international partners.

Mazagon Dock Shipbuilders Limited (MDL) disclosed in a regulatory filing that it officially entered into shipbuilding contracts with a European client on December 14, 2023. The contracts involve the construction of three units of 7,500 Deadweight Ton (DWT) Multi-Purpose Hybrid Powered Vessels, with a total contract value amounting to approximately $42 million. This development signifies MDL's ongoing commitment to expanding its shipbuilding portfolio and strengthening its position in the global maritime industry.

"This is to inform that Mazagon Dock Shipbuilders Limited (MDL) announced the signing of individual Shipbuilding Contracts with a European client. The contracts involve the construction of three (03) units of 7,500 Deadweight Tonnage (DWT) Multi-Purpose Hybrid Powered Vessels, a deal finalized on December 14, 2023, with a total value of approximately $42 million," stated the company in a regulatory filing.

The Mumbai-based shipbuilder conveyed that the scope of the order involves the complete cycle of designing, constructing, and delivering these advanced vessels. The execution timeline is clearly outlined, with the initial vessel expected to be delivered 27 months after the contract takes effect. Following this, subsequent vessels are planned for delivery at two-month intervals.

Mazagon Dock reported a notable increase in operational revenue, recording ₹1,827 crore for the quarter, surpassing the ₹1,702 crore reported in the corresponding period last year. The net profit for the same period witnessed a substantial rise, reaching ₹332.9 crore compared to ₹213.9 crore in the year-ago quarter.

Furthermore, the operating profit (EBITDA) for the quarter experienced a significant year-on-year surge, climbing by 50% to ₹176.7 crore. The EBITDA margin demonstrated substantial growth, expanding by almost 300 basis points from 6.9% in September last year to 9.7%.

Despite these positive financial results, the company maintained its revenue growth guidance for the fiscal year 2024 at 12-15%. This reaffirmation follows an earlier adjustment from 10-12% after the June quarter results.

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