Cochin Shipyard Shares Hit Record High on 121% YoY Profit Surge, Board Recommends Interim Dividend

31 Jan 2024 , 12:37 PM

Cochin Shipyard shares surged over 7% to a record high of ₹945 on January 31 after reporting strong Q3 earnings. Q3 net profit soared 121% YoY to ₹244.4 Crore, and revenue rose 64% YoY to ₹1,056.4 Crore.

The Board recommended a second interim dividend of ₹3.50 per share for FY24, with a record date on February 12. Cochin Shipyard shares traded 3% higher at ₹ 906.85 on NSE in the early trade, marking a 170% surge in the last six months.

Over the past year, the PSU stock has surged over 250%, outperforming the Nifty 50’s 22% rise.

The company, established in 1972 as a government-owned entity, is India’s largest public sector shipyard, generating significant revenue from naval projects. Core capabilities include naval vessel construction, Coast Guard projects, commercial shipbuilding, and vessel repair services.

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