Cochin Shipyard Ltd.'s profit surged in the second quarter of fiscal 2024.
The shipbuilder's net profit jumped 60.9% year-on-year to Rs 181.5 crore in the July–September quarter, according to an exchange filing. Revenue rose rose 48.1% to Rs 1,011.7 crore during the quarter.
Cochin Shipyard Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 48.1% at Rs 1,011.7 crore.
Ebitda up 41.4% at Rs 191.2 crore.
Margin at 18.89% vs 19.79%.
Reported profit up 60.9% at Rs 181.5 crore.
Segment Highlights
The company's ship building segment saw an uptick of 44% in its revenue to Rs 759.8 crore this quarter. The segment PBIT grew 57.5% year-on-year to Rs 151.84 crore.
The ship repair segment performed much better in terms of revenue, that was up 61.9% at Rs 251.9 crore. The segment's PBIT rose 35.7% to Rs 68.7 crore from a year ago.
Stock Split
The company's board approved the stock split of existing equity shares with a face value of Rs 10 each, into two equity shares of Rs 5 each. The expected time period of completion of the stock split is two to three months from the date of the shareholders approval.
The authorised share capital of Cochin Shipyard will remain unchanged at Rs 250 crore post the stock split.
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