The shipbuilder said the net deficit to 30 September was INR 2.12bn ($33.37m), from INR 1.58bn in the same three months of 2012.

It blamed a big drop in revenue to only INR 204m, compared to INR 1.41bn in 2012.

Costs were lower at INR 1.27bn, from INR 1.81bn as it used fewer raw materials, however.