Cochin Shipyard Q1 net profit surges 76.61%; Stock jumps 5%

For the quarter ended June 30, 2024, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood higher by 60.55% YoY to ₹261 crore.

The company’s earnings per share grew by 76.53% YoY to ₹6.62.

During Q1FY25, Cochin Shipyard’s shipbuilding segment saw its revenue grow by 61.77% YoY to ₹526 crore. Meanwhile, the revenue from the ship repair segment grew by 62.88% YoY to ₹244.77 crore. The profit before interest and taxes (PBIT) for the shipbuilding segment grew by 44.67% YoY while the PBIT of the ship repair segment skyrocketed by 188.50% YoY.

In June 2024, the company announced that its wholly-owned subsidiary, Udupi Cochin Shipyard (UCSL) has entered into a contract with Wilson ASA, Norway, for the design and construction of 4 6300 TDW Dry Cargo Vessels. A contract for the construction of an additional 4 vessels of the same type will be executed by September 19, 2024.

At the end of Q4FY24, Cochin Shipyard’s order book stood at ₹22,000 crore with the majority of the order coming from the defence sector. The order value from export projects came in at ₹6,500 crore while the order value for domestic orders stood at ₹2,000 crore.

Cochin Shipyard is one of the largest shipbuilding and repair yards in the country. The company is a public undertaking and has secured orders from several foreign clients.

Shares of the company have risen by nearly 260.43% since the beginning of the year. The stock has gained over 643.61% in the past year.