Shares of Cochin Shipyard, a leading shipbuilding and ship repair company, surged by 7% in early trading on the back of its impressive fourth-quarter financial results. However, the stock pared some of its gains as the session progressed.
Cochin Shipyard’s Q4 profit jumped to ₹258 crore, compared to ₹39.33 crore in the corresponding period last year, marking a significant increase. The company’s consolidated revenue from operations saw a remarkable growth of 114.31% year-on-year (YoY) to ₹1,286 crore.Operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at ₹288 crore for the fourth quarter.
For the full year ended March 31, 2024, Cochin Shipyard recorded a 157% YoY growth in its net profit to ₹783 crore.The consolidated revenue for the year also saw a growth of 62% YoY to ₹3,830 crore. Operating EBITDA for the year saw a growth of 242% YoY to ₹868 crore. The company’s net profit margin in FY24 grew to 20%, compared to 13% in the previous year.
Cochin Shipyard recently announced that it had won an order from a European client for the construction of a Hybrid Service Operation Vessel (Hybrid SOV). The company classified the order as a larger order, with a value between ₹500 to ₹1000 crore. The vessel will be equipped with hybrid battery systems, which will result in higher energy efficiency and help reduce the carbon footprint. The project is expected to be completed by the end of 2026.
Cochin Shipyard’s board of directors recommended a final dividend of ₹2.25 per share.
Shares of Cochin Shipyard have risen by nearly 198% since the beginning of the year. The stock has gained over 712% in the last one year, reflecting the company’s strong performance and investor confidence. The impressive financial results and recent order win have contributed to the surge in Cochin Shipyard’s share price, as investors recognize the company’s growth potential and its commitment to sustainable practices in the shipbuilding industry.
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