Cochin Shipyard shares close lower on Q3 earnings, dividend 

Shares of Cochin Shipyard ended over 3% lower a day after the defence firm announced its Q3 earnings. In the current session, Cochin Shipyard stock closed 3.57% lower at Rs 1360.85 on BSE. Cochin Shipyard’s market cap slipped to Rs 35,801 crore.Total 1.02 lakh shares of the firm changed hands amounting to a turnover of Rs 13.92 crore in the afternoon session on BSE.

The multibagger stock has risen 55% in a year. In two years, the stock has risen 461%. The stock is trading neither in the oversold nor in the overbought zone, indicates its relative strength index (RSI) at 43.8.

The stock is amid a major bearish trend as it is trading lower than the 5 day, 10 day 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Cochin Shipyard's net profit declined 27.6% to Rs 177 crore in the last quarter against Rs 244 crore profit in the corresponding quarter of the previous fiscal. Revenue climbed 8.6% to Rs 1147.6 crore in Q3 against Rs 1056.4 crore in the corresponding quarter of the previous fiscal.

Cochin Shipyard's EBITDA slipped 23.4% to Rs 237.4 crore in Q3 against Rs 310.1 crore in the corresponding quarter of the previous fiscal.

The board of directors declared a second interim dividend of Rs 3.50 per equity share of face value of Rs 5 each for the financial year ending March 31, 2025. This is in addition to the interim dividend of Rs 4, which was recommended by the board on November 7 last year. The earnings were announced after market hours on Thursday.

Cochin Shipyard Limited is engaged in the shipbuilding and ship repair business. The company is engaged in the construction of vessels and repairs and refits of all types of vessels including upgradation of ships periodical layup repairs and life extension of ships.