Following the release of FY24 financial results, which showed a growth in the net profit by 558.2 percent YoY, the share price of one of the leading shipbuilding & repair yards in India jumped by nearly 10 percent on BSE to hit a new 52-week high at Rs. 2,100 in the Monday’s trading session.
With a market capitalisation of Rs. 51,917.7 crore, at 12:24 p.m., the shares of Cochin Shipyard Limited (CSL) were trading in the green at Rs. 1,973.45, up by 3.3 percent.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Friday post-market hours.
The revenue from operations stood at Rs. 1,286 crore in Q4 FY23-24, indicating a growth of 18 percent YoY from Rs. 600 crore in Q4 FY22-23, while on a quarter-on-quarter basis, it jumped by 24.2 percent from Rs. 1056.4 crore in Q3 FY23-24.
CSL witnessed a rise in the net profit by 6 percent QoQ from Rs. 244.4 crore in Q3 FY23-24 to Rs. 258.88 crore in Q4 FY23-24, and gained by 558.2 percent YoY from Rs. 39.33 crore in Q4 FY22-23 to Rs. 258.88 crore in Q4 FY23-24.
Further, the company’s Board has recommended a final dividend of Rs. 2.25 per equity share of the face value of Rs. 5 each for FY23-24, subject to the approval of the shareholders.
Earlier on 13th May, CSL bagged an order in a range of Rs. 500-1000 crore from a European Client, for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV) with an option for two more such vessels, expected to be completed by the end of 2026.
As per the shareholding pattern of March 2024, the promoters hold a 72.86 percent stake in the company, Foreign Institutional Investors hold a 5.23 percent stake, while retail investors and Domestic Institutional Investors hold a 19.46 percent and 2.45 percent stake in CSL, respectively.
The stock has delivered multibagger returns of nearly 247.8 percent in six months, while 708.7 percent in the last one year. So far in 2024, the company has given 189 percent of multibagger returns.
Cochin Shipyard Limited, one of the leading shipbuilding & repair yards in India, is engaged in the business activities of Shipbuilding and Ship repair, operating in two segments: Shipbuilding and Repair of Ships/Offshore Structures.
Written by Shivani Singh
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