Cochin Shipyard shares shine on 77 percent YoY profit growth in Q1

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Shares of Cochin Shipyard are higher by over 5 percent in early trade on August 9, rising on heavy volumes to be among the top gainers on BSE 500.

The company reported a 77 percent jump in net profit at Rs 174.2 crore in the first quarter of FY25, compared to Rs 98.6 crore in the corresponding period of the previous financial year.

However, the PSU firm's net profit declined 33 percent from Rs 258.8 crore in the March quarter, it said in a stock exchange filing.

The state-run firm’s revenue from operations jumped 62.1 percent to Rs 771.47 crore in the quarter under review over Rs 475.86 crore in the year-ago period. But, it declined significantly from Rs 1,286 crore in the previous quarter

The cost of materials consumed in the June quarter almost doubled to Rs 316.6 crore from Rs 166.4 crore in the same period a year ago. It was Rs 626.5 crore in the March quarter.

The stock of the company had recorded a steep decline on August 5 amid global market sell-off on concerns over potential recession in the US. The shares were locked in the lower circuit of 5 percent, while the BSE PSU and CPSE indices plunged by up to 4 percent, in-line with the fall in Sensex and Nifty, with all components trading in the red.