Cochin Shipyard at new high

Cochin Shipyard is sailing high today morning on the smmoth waters created by its encouraging Q3FY24 earnings.

The shipbuilding company posted a 121% (YoY) jump in consolidated net profit at Rs.244 criore on a 65% rise in revenue from operations at Rs.1056 crore.

The market is pretty happy also about the fact that it has declared a second interim dividend of Rs.3.50/share (FV of Rs.5) for FY24. 12th Feb is the record date.

As per the management, the company has about Rs.13,000 crore worth of ship-building contracts in the pipeline and Rs.84,000 crore in RFP stage.

This PSU is India’s largest shipyard and most of its revenue comes from the Indian Navy.

The stock price has reacted positively to this news; from its close of Rs.877.70, the stock opened today at Rs.935.95 and went on further to hit a new 52-week high at Rs.944.65.