Cochin Shipyard’s Shares Ascend Following Q2 Earnings

Cochin Shipyard's Shares Ascend Following Q2 Earnings

VoM News Desk | November 8, 2023 | 01:55 PM IST | Breaking News | Follow on Google News

Cochin Shipyard’s Shares Ascend Following Q2 Earnings

Cochin Shipyard’s Shares Ascend Following Q2 Earnings

Cochin Shipyard’s stock price saw an uptick exceeding 3% during the morning session on the BSE on November 8, potentially extending its winning streak to a third day. This climb comes in the wake of the company’s reported earnings for the September quarter.

Profit and Revenue Surge

The shipbuilding company reported a significant 61% year-over-year increase in its consolidated net profit for Q2FY24, reaching ₹181.53 crore compared to ₹112.79 crore in the same period last year. Operational revenue also soared by 48% year-over-year, hitting ₹1,011.72 crore, up from ₹683.18 crore.

Interim Dividend and Stock Performance

Further buoying investor sentiment, the company’s board recommended an interim dividend of ₹8 per share. Post-announcement, the stock closed 3.69% higher at ₹1,042 on the BSE on November 7. On the following day, the share price opened higher and touched an intraday peak, later stabilizing with a modest gain.

Robust Gains and Brokerage Upgrade

The share price has shown remarkable growth since its 52-week low in March. Kotak Institutional Equities, encouraged by Cochin Shipyard’s performance, upgraded the stock rating and increased the target price, noting the company’s robust execution and margin performance.

Target Price Adjustment and Rating Upgrade

Kotak revised its estimates for FY24-26 upwards, reflecting higher margin expectations and other income adjustments, resulting in an increased fair value estimate and an upgrade from ‘sell’ to ‘reduce’.

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