After getting bad results for the March quarter, Miniratna Cochin Shipyard’s stock dropped 11% on Monday. The company’s net profit for the quarter fell by 83.33 percent to Rs 47.34 crore from Rs 284.07 crore in the same quarter last year. The company’s total income dropped by 51.18 percent, from Rs 1,324.23 crore to Rs 646.45 crore in the same quarter last year.
After this happened, shares of Cochin Shipyard fell 11.19% on BSE to a low of Rs 479.40. This was the fourth day in a row that the stock went down. In the last four sessions, Cochin Shipyard has lost 13% of its value.
Cochin Shipyard works with customers in the commercial sector around the world and in the defence sector in India. It also builds and fixes ships and gives training in naval engineering. The company is building a new’stepped’ dry dock (Dry Dock). With this stepped dock, longer ships can use the length of the dock, while shorter, wider ships and rigs can be made or fixed in the wider part. It has also begun constructing a ship-lift and transfer system as part of the International Ship Repair Facility (ISRF).
On a consolidated base, the company’s net profit for the fourth quarter fell by 85.68%, from Rs 274.62 crore last year to Rs 39.34 crore this year. The company’s consolidated total income dropped 49.31% to Rs 671.32 crore from Rs 1,324.26 crore in the same quarter the year before. The net profit margin for the quarter was 10%, compared to 17% in the December quarter and 23% in the same quarter last year.
The company’s net earnings for the year dropped by 42.98%, from Rs 586.57 crore to Rs 334.49 crore. The company made a total of Rs 2,536.95 crore in the year under review, which was 26.60% less than the Rs 3,456.42 crore it made in the year ending March 31, 2022.
For FY23, the company’s net profit fell by 45.97%, from Rs 563.96 crore to Rs 304.71 crore. In FY22, the company made a total of Rs 3,453.76 crore, which is about 25% less than Rs 2,571.57 crore.