Pipavav pushed down

India's Pipavav Defence and Offshore Engineering has posted lower annual profit as finance costs rose.

Net earnings were INR 26.3m ($0.44m) to 31 March, compared to INR 310.6m a year ago.

The offshore vessel and navy specialist said revenue dipped a little to INR 25.33bn, from INR 25.86bn in the previous year.

Operating costs were down at INR 20.74bn against INR 21.69, but higher financial expenses hit the bottom line.