Cochin Shipyard stock price up by more than 3% today

14 Nov 2022 , 02:03 PM

In Monday’s intra-day session on the BSE, shares of Cochin Shipyard (CSL) reached a new high of Rs662.50, increasing by almost 4%. Even though the shipbuilding company revealed weaker-than-expected September quarter results, its stock price has increased 13% during the last two trading days (Q2FY23).

Due to the ship-building segment’s subpar performance, the company’s consolidated quarterly revenue fell by 1.9% yearly (YoY) to Rs 683. The revenue increased by 55% on a sequential basis. The segment’s margin contraction in the ship-building industry was the leading cause of the 382 bps YoY fall in the earnings before interest, taxes, depreciation, and amortization (Ebitda) margin. At Rs 112.80 crore, the profit after tax was down 14% YoY but up 167% QoQ.

For the fiscal year 2022—2023, the board has declared an interim dividend of 70% or Rs7 per equity share worth Rs10. The firm has set the record date for the aforementioned interim dividend as November 22, 2022.

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