Pipavav profit falls

India’s Pipavav Defence and Offshore Engineering has posted smaller profit for the first quarter of its financial year as revenue dropped significantly.

Earnings for the period were INR 55.6m ($0.92m), compared to last year’s INR 72.8m.

Revenue fell from INR 7.027bn in the corresponding period, to INR 3.164.

Pipavav’s shipbuilding segment saw its revenue decline from INR 5.276bn to INR 2.98bn.

The company reduced its first quarter costs to INR 2.263bn, from INR 5.911bn.