- 25 Nov 2022
- ICICIdirect Research
Delivers second ship of Project 15BMAZDOCK - 775 Change: 5.70 (0.74 %)
MDL has delivered the second ship (INS Mormugao) of the Project 15B guided missile destroyers to the Indian Navy. The company received the contract of building four destroyer ships under P-15B from the Navy in 2011, of which two ships have been delivered post this delivery. The first ship under P-15B (INS Vishakhapatnam) was delivered to the Navy in Oct-21 and then commissioned in Nov-21.
The second destroyer has been timely delivered to the Indian Navy as it was expected during Oct/Nov 2022 only. The remaining two ships under P-15B have already been launched and expected to be delivered in 2024 and 2025 respectively. The total project cost of P-15B was Rs 29643 crore which implies Rs 7411 crore for each destroyer. Post the delivery of this second ship, commissioning is also expected shortly which would drive a significant part of revenue recognition. The first frigate ship of Project 17A (INS Nilgiri) and fifth submarine of Project 75 (INS Vagir) are also expected to be commissioned during FY23.