This Defence Stock Hits All-Time High As Q4 Profit Zooms Over 6 Times

  • Benzinga India
  • Stock Market News
This Defence Stock Hits All-Time High As Q4 Profit Zooms Over 6 Times
Credit: © Reuters.

Benzinga - Shares of Cochin Shipyard (NS: COCH ) were shooting up on Monday after the state-owned shipbuilder posted a multifold growth in numbers for the fourth quarter.

What Happened: The company reported a staggering 558.823% year-on-year increase in net profit, reaching ₹258.9 crore for the fourth quarter ended March 31. This is much higher the ₹39.3 crore profit posted in the same quarter last year.

The company’s revenue from operations surged 114.33% to ₹1,286 crore, compared to ₹600 crore in the corresponding period of the previous fiscal year.

At the operating level, Cochin Shipyard registered an impressive turnaround, with EBITDA jumping to ₹288.3 crore for the fourth quarter, up from a loss of ₹67.1 crore in the same period last year.

The board has recommended a final dividend of ₹2.25 per equity share for the financial year 2024, subject to shareholder approval.

Revenue from the shipbuilding segment soared to ₹985.15 crore, up from ₹453.84 crore in the same quarter last year. Meanwhile, the ship repairing segment generated ₹300.89 crore in revenue, compared with ₹146.24 crore a year ago.

Price Action: Cochin Shipyard’s share price was up 7.11% at ₹2,048.60 in early trade on Monday, hitting an all-time high.

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