Multibagger Miniratna PSU engaged in shipbuilding, and ship servicing jumped 7 percent in the day’s trade following interim dividend and Q3FY24 results with a 121 percent jump in Net Profit.
With a market capitalization of Rs. 23,782 Crores, the shares of Cochin Shipyard Limited were trading at Rs. 903, up 2.78 percent from its previous day’s close price of Rs. 878.60 It has delivered multibagger returns of 255 percent .
Its revenue from operations grew by 64.63 percent YoY from Rs. 641.65 Crores in Q3FY23 to Rs. 1056.39 Crores in Q3FY24 and it grew 4.41 percent QoQ from Rs. 1011.71 Crores in Q2FY24 to Rs. 1056.39 Crores in Q3FY24.
Its Net Profit grew by 121.37 percent YoY from Rs. 110.39 Crores in Q3FY23 to Rs. 244.37 Crores in Q3FY24 and it grew 34.62 percent QoQ from Rs. 181.52 Crores in Q2FY24 to Rs. 244.37 Crores in Q3FY24.
In Addition to this, it has declared a 2nd Interim Dividend of Rs. 3.50 and has February 12, 2024, as the record date to determine the eligible shareholders of the company to receive the dividend.
Cochin Shipyard Limited is engaged in shipbuilding, ship servicing/repair, marine engineering, and providing training, strategic, and advanced solutions. It has a strong shipbuilding order book worth ~Rs. 22,000 Crores and Ship repair orders worth Rs. 700 Crores.
It has a global presence and has delivered its vessels to various countries like USA, Germany, Netherlands, Norway, Denmark, and the Middle East.
The Key Shipbuilding clients of the Cochin shipyard on the domestic front include the Indian Navy, the Indian Coast Guard, the Ministry of Home Affairs, the Shipping Corporation of India Limited, Lakshadweep Government, various Port Trusts, and many More.
It has reported a return on equity (ROE) of 6.57 percent and a return on capital employed (ROCE) of 8.66 percent, it is making decent returns on its equity and capital employed.
According to the latest shareholding data available for the December 2023 quarter, the company’s Promoters hold 72.86 percent stake, the Domestic Institutional Investors hold 2.22 percent and the Foreign Institutional Investors (FII) hold 5.81 percent.
Written by: Bharath K.S
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