Navratna PSU defence company Mazagon Dock Shipbuilders reported a consolidated net profit of Rs 696 crore for the quarter ended June on higher income, an increase of 121 per cent on-year. The company had posted a net profit of Rs 314 crore in the year-ago period.
Total income jumped nearly 10 per cent to Rs 2,628 crore crore during the April-June period of the current fiscal from Rs 2,405.42 crore in the corresponding period of the previous year, according to a regulatory filing.
The revenue from operations for the period under review was reported at Rs 2,357 crore against Rs 2,172.76 crore in the first quarter of the previous financial year.
The counter jumped on account of higher profit in the earnings report, settling over 3 per cent higher at Rs 4,984 apiece on the National Stock Exchange (NSE). The stock touched an intraday high of Rs 5,077 per share on the NSE, outperforming the sector by 3.33 per cent.
The scrip has multiplied investors wealth with a gain of 114 per cent in the last 90 days, as per data available on the BSE. In the last three years, the stock continued its dream run with a multibagger return -- growing 19 times in the last three years. BSE Sensex has gained about 43 per cent in the same period.
The Nifty India Defence Index has also been in uptrend of late, with a total return of 159.32 per cent in the last one year.
The company is also in advanced talks on acquiring additional Kalvari-class (Scorpene) submarines for the Navy, potentially sealing a Rs 35,000-crore deal that promises to bolster India's submarine fleet.
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