Shares of Cochin Shipyard hit a 52-week high of Rs 945 on 31 January after the company reported a robust October-December quarterly report.
The company’s net profit zoomed by 121% year-on-year to Rs 244.4 crore for the quarter under review from Rs 110.4 crore net loss reported in the corresponding quarter last year.
The company’s revenue from operations stood at Rs 1,056.4 crore, marking a 64.7% YoY increase from Rs 641.6 crore reported in the same quarter last year.
The company’s board of directors also announced its second interim dividend of Rs 3.50 per share of Rs 5 each for the current fiscal year and has also fixed 12 February 2024 as the record date for the interim dividend.
The company’s shares have given a multi-bagger return in the period of one year by surging over 250%, outperforming the benchmark Nifty50 index, which has given a return of 22% during the same duration.
The company was founded in 1972 as a full government company and is one of the largest public sector shipyards of the country. They are in the business of constructing naval vessels, commercial shipbuilding, coast guard projects, and vessel repair services, and they derive their major revenue from the Navy.
At 1:11 pm, the shares of Cochin Shipyard were trading 3.06% higher at Rs 905.50 on NSE.