Cochin Shipyard Q4 results: Share price crack over 11% on poor Q4 earnings
- Cochin Shipyard reported an 86% fall in its consolidated net profit for the fourth quarter ended March 2023 to ₹39.3 crore as compared to ₹274.6 crore in the year-ago period.
Cochin Shipyard share price crashed over 11% on Monday after the company reported poor earnings for the quarter ended March 2023. The stock plunged as much as 11.19% to ₹479.40 apiece on the BSE in the early trade.
Cochin Shipyard, the state-run shipbuilding and maintenance company, on Friday reported an 86% fall in its consolidated net profit for the fourth quarter ended March 2023 to ₹39.3 crore as compared to ₹274.6 crore in the year-ago period. Sequentially, consolidated net profit was down 64%.
The company’s consolidated revenue from operations in Q4FY23 declined 51% to ₹600.1 crore from ₹1,212.4 crore, YoY.
The board of the company also recommended a final dividend of ₹3 per share for FY23.
The shares of Cochin Shipyard have risen over 51% in the last one year.
At 12:40 pm, shares of Cochin Shipyard were trading 9.42% lower at ₹489.00 apiece on the BSE.
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