Cochin Shipyard Shares Hit Fresh Record High After Profit Jumps Sixfold
The shipbuilder's net profit jumped 564% on the year to Rs 259 crore in the quarter ended in March 2024, according to an exchange filing.
Shares of Cochin Shipyard Ltd. jumped nearly 10% to a record high on Monday after its profit surged sixfold in the fourth quarter. The shipbuilder's net profit jumped 564% on the year to Rs 259 crore in the quarter ended in March 2024, according to an exchange filing.
Cochin Shipyard Q4 Results: Highlights (Consolidated, YoY)
Revenue up 114% at Rs 1286 crore.
Ebitda at Rs 288 crore versus Ebitda loss of Rs 67 crore.
Ebitda margin at 22.4%.
Net profit 564% at Rs 259 crore.
Shares of Cochin Shipyard rose 9.8% to Rs. 2,100, the highest level since its listing on Aug. 11, 2017. It pared gains to trade 4.09% higher at Rs. 1,990.75 as of 9:48 a.m., compared to a 0.11% advance in the NSE Nifty 50 index.
The scrip gained 718.07% in 12 months and 191.59% so far this year. The total traded volume so far today was 4.0 times its 30-day average. The relative strength index was at 85.78, which implied the stock was overbought.
Out of five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold', and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 59.0%.
