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2 min read | Updated on May 27, 2024, 10:32 IST
SUMMARY
Cochin Shipyard’s shares were up by nearly 7% on Monday after the company reported a multifold growth in its net profit to ₹258 crore. The company’s consolidated revenue surged 114% YoY. The board of directors recommended a final dividend of ₹2.25 per share.
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Cochin Shipyards announced that it had won an order from a European client for the construction of a Hybrid Service Operation Vessel (Hybrid SOV).
Cochin Shipyard’s Q4 profit jumped to ₹258 crore compared to ₹39.33 crore in the corresponding period last year. The company’s consolidated revenue from operations saw a growth of 114.31% year-on-year (YoY) to ₹1,286 crore.
In the fourth quarter, the company’s operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at ₹288 crore.
For the full year ended March 31, 2024, the company 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.
Recently, Cochin Shipyards 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 putting its order value between ₹500 to ₹1000 crore. The vessel will be equipped with hybrid battery systems which will result in higher energy efficiency and help in reducing the carbon footprint. The project will be completed by the end of 2026.
Cochin Shipyard’s board of directors recommended a final dividend of ₹2.25 per share.
Shares of the company have risen by nearly 198% since the beginning of the year. The stock has gained over 712% in the last one year.
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