The share price of one of India’s leading warship builders gained around 12 percent to a 52-week high of ₹3,400.35 per share after the company reported a strong net profit rise of 73% in FY24 financial result.
At 3:20 p.m., Mazagon Dock Shipbuilders Ltd (MDSL) shares were trading at ₹3,365 per share, up 10.80 percent from the previous close price on the exchange. The company has a market capitalization of ₹67,938 crore.
Mazagon Dock Shipbuilders Ltd reported robust financial performance for Q4 FY24, with a consolidated net profit of ₹626 crores, reflecting a notable 5.8% increase from the corresponding quarter of the previous year. The total revenue for the same quarter reached ₹3,103 crores, marking a 31% rise compared to the previous year’s quarter.
For the fiscal year 2023-24, the company’s consolidated net profit stood at ₹1,936 crores, showing a substantial 73% increase from the preceding fiscal year. Similarly, the total revenue for the fiscal year witnessed a 21% growth, totaling ₹9,466 crores.
At its meeting on May 29, 2024, the Board of Directors recommended a final dividend of ₹. 12.11 per equity share, pending shareholder approval. This is in addition to the interim dividend of ₹ 15.34 per equity share already paid by the company for the year.
Mazagon Dock Shipbuilders Limited is a leading shipyard in India. It primarily manufactures for the defence sector and has built 801 vessels including 27 warships ranging from advanced destroyers to missile boats and 7 submarines.
Mazagon Dock, India’s only shipyard manufacturing destroyers and conventional submarines for the Indian Navy, also produces cargo and passenger ships, supply vessels, water tankers, tugs, dredgers, fishing trawlers, and barges for various customers across India.
In the first week of May 2024, Mazagon Dock Shipbuilders Limited signed individual shipbuilding contracts with a European client for the design, construction, and delivery of three 7,500 DWT multi-purpose hybrid-powered vessels, valued at USD 42 million (approximately Rs. 350 crores).
Mazagon Dock’s shares have delivered a remarkable return of 332% over the past year, meaning a shareholder investment of Rs. 1 lakh would now be worth Rs. 4.32 lakhs.
Written by Omkar Chitnis
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