Cochin Shipyard Ltd Share Price – NSE  /  BSE

Aerospace & Defence, Small Cap

The MSRA is a non-financial agreement and is effective from 5 April 2024. This will facilitate repair of US Naval vessels under Military Sealift Command in CSL.

The company has been qualified for entering into the MSRA after a detailed evaluation process and capability assessment by the US Navy –Military Sealift Command.

Cochin Shipyard is engaged in shipbuilding & ship repair. As on 31 December 2023, the Government of India held 72.86% total voting right in the company.

The company’s consolidated net profit soared 121% to Rs 244.38 crore on 64.63% jump in revenue from operations to Rs 1,056.40 crore in Q3 FY24 over Q3 FY23.

The counter hit an all-time high of Rs 1,170.05 in today’s intraday session.

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Cochin Shipyard has bagged an order from an European Client, for the design and construction of one no. hybrid Service Operation Vessel (SOV). The total project cost for the firm order is approximately Rs. 500 crore and the vessel to be delivered in 2026. The vessel is designed and built for the service, maintenance and operational needs of the offshore wind farm industry in the European market where sustainable energy solutions are in high demand.

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Revenue from operations surged 64.64% to Rs 1,056.4 crore in the December quarter from Rs 641.65 crore reported in Q3 FY23.

Profit before tax (PBT) soared to Rs 340.04 in Q3 FY24 as compared to Rs 140.47 crore posted in the corresponding quarter last year.

Total expenses was at Rs 774.07 crore in Q3 FY24, up 47.62% year on year. Cost of materials consumed stood at Rs 449.83 (up 93.48% YoY) and employee benefit expenses came in at Rs 93.43 crore (up 9.8% YoY) during the period under review.

The company's revenue from ship building segment was at Rs 753.10 crore (up 63.22% YoY) and income from ship repair division came in at Rs 303.3 crore (up 68.27% YoY).

During the quarter, operating margin improved to 33% as compared with 24% reported in Q3 FY23. Net profit margin increased to 23% in Q3 FY24 as against 17% registered in Q3 FY23.

Meanwhile, the company’s board has declared a second interim dividend of Rs 3.50 per share for FY24. The record date for the same is fixed on Monday, 12 February 2024.

Cochin Shipyard is engaged in shipbuilding & ship repair. As on 31 December 2023, the Government of India held 72.86% total voting right in the company.

The scrip hit record high at Rs 944.65 in today’s intraday session.

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Cochin Shipyard announced that the Board of Directors of the Company at its meeting held on 30 January 2024, inter alia, have recommended the interim dividend of Rs 3.5 per equity Share (i.e. 70%) , subject to the approval of the shareholders.

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