Shares of Cochin Shipyard surged 7% after the defence company reported strong profits in Q1.
What Happened: Cochin Shipyard recorded a 65.3% year-on-year rise in net profit to ₹180.84 crore in the June quarter. Its operational revenue jumped 59.83% to ₹709.84 crore. In the previous year, net profit was at ₹109 crore and revenue at ₹444.41 crore.
The company’s ship-building revenue rose 58.25% year on year to ₹465.06 crore while the ship repair revenue increased by 62.88% to ₹244.77 crore.
On Wednesday, Cochin Shipyard’s price band was revised to 10% from 5% by the stock exchanges. The company won a ₹1,100 crore export order from a Norway company in June 2024.
See Also: IRCON Shares Slips As Revenue Declines, Orderbook Shrinks In Q1
The company had a ₹21,500 crore strong order book as of February 2024.
Cochin Shipyard has been among the beneficiaries of the defence companies due to the government’s focus on the indigenisation of defence goods. The company’s shares had surged over 634% in the last year.
Price Action: Shares of Cochin Shipyard rose 7.73% to an intraday high of ₹2,491 on Friday morning.
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