Shares of multibagger defence stock Mazagon Dock Shipbuilders hit a record high in the afternoon session today post Q4 and FY24 earnings. Net profit rose 101% to Rs 662.97 crore for the quarter ended March 2024 against Rs 326.19 crore in the March 2023 quarter. Revenue climbed 49% to Rs 3103.65 crore for the quarter ended March 2024 against Rs 2078.59 crore in the March 2023 quarter. Earnings per share rose to Rs 32.87 in March 2024 quarter against Rs 16.17 in the March 2023 quarter.
Mazagon Dock Shipbuilders shares rose 12% to a high of Rs 3400.35 against the previous close of Rs 3037 on BSE. Total 5.32 lakh shares of the firm changed hands amounting to a turnover of Rs 171.32 crore. Market cap of Mazagon Dock rose to Rs 67,587 crore on BSE.
Mazagon Dock share price has risen 334% in a year. The stock zoomed 47.19% in 2024 and gained 1064% in two years.
Later, the stock ended 10.58% higher at Rs 3358.20 on BSE.
The board recommended a final dividend of Rs 12.11 per equity share in addition to the interim dividend of Rs 15.34 per equity share paid earlier for FY 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the company.
The final dividend would be paid within 30 days from the date of its declaration at the 91st AGM of the company.
On an annual basis, net profit climbed 73% to Rs 1936.97 crore in FY 24 against Rs 1119.03 crore in FY23. Revenue rose to Rs 9466.58 crore in the last fiscal against Rs 7827.18 crore in FY23.
About the company
Mazagon Dock Shipbuilders Ltd (MDS) is a shipbuilding and offshore fabrication yard. The company's major activities include shipbuilding, ship repairs and fabrication of offshore structures. It provides warships, merchant ships, submarines, support vessels, offshore platforms, passenger cum cargo vessels, trawlers, main and helidecks and barges.