Shares of state-owned Cochin Shipyard Ltd (CSL) hit a record high on Monday after the firm reported a 558.82% year-on-year (YoY) rise in net profit for the fourth quarter. Net profit climbed to Rs 258.9 crore in the March 2024 quarter against Rs 39.3 crore, the company said. Revenue from operations surged 114.33% to Rs 1,286 crore against Rs 600 crore in the corresponding period of the preceding fiscal.
Cochin Shipyard shares zoomed 9.89% to a record high of Rs 2100 against the previous close of Rs 1910.95 on BSE. Market cap of the defence stock rose to Rs 53,088 crore.
Cochin Shipyard stock opened higher at Rs 2090.15 on BSE. Total 2.73 lakh shares of the firm changed hands amounting to a high turnover of Rs 55.79 crore on BSE. Cochin Shipyard has a one-year beta of 0.9, indicating very low volatility during the period.
The stock has delivered multibagger returns of 127% in the last six months and risen 343% in a year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 84.6, signaling the stock is trading in the overbought zone. Cochin Shipyard shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Operating profit rose to Rs 288.3 crore in the fourth quarter against a loss of Rs 67.1 crore in the corresponding period in the previous fiscal.
The board of the defence firm recommended a final dividend of Rs 2.25 per equity share of face value of Rs 5 each, for the financial year 2023-24 subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the company. The final dividend will be paid within 30 days from the AGM.
Revenue from the shipbuilding segment surged over 100% to Rs 985.15 crore in the March 2024 quarter against Rs 453.84 crore in Q4 FY23. From ship repairing, it has registered a revenue of Rs 300.89 crore in Q4 compared to Rs 146.24 crore a year ago.
On an annual basis, company's profit rose over 100% to Rs 783.27 crore in Q4 against Rs 304.70 crore in FY23. Cochin Shipyard is one of India’s leading shipbuilding and repair yards and has an exclusive area for offshore construction and future expansion.