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Mazagon Dock stock spikes post strong Q1 earnings

The company that makes warships for the Indian Navy said it posted the highest ever revenue from operations for the June quarter at Rs 2230 crore, which was 84 percent higher from the same period last year.

August 11, 2022 / 11:40 AM IST
 
 
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Shares of Mazagon Dock Shipbuilders jumped 9 percent intraday on August 11 after the company reported a strong set of numbers for June quarter.

The stock climbed 9.03 percent to Rs 308.50 as of 10.29 am.

The company that makes warships for the Indian Navy said it posted the highest ever revenue from operations for the June quarter at Rs 2230 crore, which was 84 percent higher from the same period last year.

Its net profit also zoomed 134 percent year-on-year (YoY) to Rs 217 crore, he company said. It added that its annualised return on capital employed has increased to 33 percent from 19 percent in the comparable period last year.

The company during the quarter achieved remarkable feat by launching of fourth P15B-Visakhapatnam Class Guided Missile Destroyer namely ‘Surat’ and second P17A Nilgiri Class Stealth Frigate namely ‘Udaygiri’ on the same day.

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Besides, it also bagged two orders from CONCOR Ltd for manufacturing 2,500 shipping containers. The company has also initiated design and development of indigenous midget submarine.

During the quarter, the company said it developed 6 passenger Hydrogen Fuel Cell Powered Electric Vessels in collaboration with TATA Advanced Systems.
Moneycontrol News
first published: Aug 11, 2022 11:40 am
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