Cochin Shipyard shares hit new high with 558% YoY profit increase in Q4

From Mint: 2024-05-27 00:48:39

Shares of Cochin Shipyard continued to surge, reaching an all-time high of ₹2100 per share after reporting a 558% YoY increase in consolidated net profit to ₹258.88 crore for Q4. Revenue from operations also soared to ₹1366 crore, driven by impressive FY24 performance and expectations of increased government spending on defence.

The recent momentum has seen Cochin Shipyard shares gain 725% in the past year, with a 68% jump in the last 10 sessions. The company’s order for a hybrid service operation vessel from a European client, equipped with hybrid battery systems for energy efficiency, further boosts its strong outlook in the offshore wind farm industry.

Cochin Shipyard, a Miniratna enterprise founded in 1972, enjoys a strategic location along India’s west coast, facilitating international maritime trade. With potential orders from the Indian Navy and emerging opportunities in electric vessels and ship repair, the company is poised for substantial growth in revenue and profitability, as forecasted by analysts at ICICI Direct and Motilal Oswal.



Read more at Mint: Cochin Shipyard shares climb 10% to touch new all-time high as net profit soars multifold in Q4