Profit shoots up nearly 7-fold, declares dividend of ₹2.25/share - CNBC TV18

State-owned Cochin Shipyard Ltd (CSL) on Friday (May 24) reported a 558.823% year-on-year (YoY) jump in net profit at ₹258.9 crore for the fourth quarter that ended March 31, 2024.

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In the corresponding quarter, Cochin Shipyard posted a net profit of ₹39.3 crore, the company said in a regulatory filing. The company's revenue from operations increased 114.33% to ₹1,286 crore against ₹600 crore in the corresponding period of the preceding fiscal.

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At the operating level, EBITDA jumped to ₹288.3 crore in the fourth quarter of this fiscal over a loss of ₹67.1 crore in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board has recommended a final dividend of ₹2.25 per equity share of face value of ₹5 each, for the financial year 2023-24 subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the company. The final dividend will be paid within 30 days from the AGM.

The company earned a revenue of ₹985.15 crore from the shipbuilding segment against ₹453.84 crore in Q4 FY23. From ship repairing, it has registered a revenue of ₹300.89 crore compared to ₹146.24 crore a year ago.

For the full FY24, the company's profit more than doubled to ₹783.27 crore from ₹304.70 crore in FY23. Cochin Shipyard is one of India’s leading shipbuilding and repair yards and has an exclusive area for offshore construction and future expansion.

The results came after the close of the market hours. Shares of Cochin Shipyard Ltd ended at ₹1,910.95, up by ₹16.65, or 0.88%, on the BSE.