Cochin Shipyard announced its June quarter results on Thursday after market close.
What Happened: The defence company reported a 65.30% year-on-year rise in standalone net profit to ₹180.84 crore in the June quarter. Its revenue from operations gained 59.83% to ₹709.84 crore in the quarter under review. Earnings per share for the quarter came in at ₹6.87.
In the corresponding quarter of the previous year, the company reported a net profit of ₹109 crore and a revenue of ₹444.41 crore.
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While the net profit met Kotak Institutional Equities estimates of a 62% rise in net profit to ₹177.6 crore, revenue missed the expectation of a 122% jump to ₹987.5 crore.
The company’s ship-building revenue rose 58.25% year on year to ₹465.06 crore while the ship repair revenue gained 62.88% to ₹244.77 crore.
Price Action: Shares of Cochin Shipyard were down 1.76% to ₹2,308 ahead of the results announcement on Thursday.
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