Mazagon Dock Q1 earnings: Net profit rises 121%, stock closes higher

Mazagon Dock reported a 121% rise in net profit for the June 2024 quarter today. Profit climbed to Rs 696.10 crore in the last quarter against Rs 314.34 crore in the June 2023 quarter. Revenue rose to 8.48% to Rs 2375.02 crore in Q1 against Rs 2172.76 crore in the Q1 of previous fiscal. Profit before tax and exceptional items stood at Rs 888.79 crore in the last quarter against Rs 383.32 crore on a year-on-year basis.

Earnings per share climbed to Rs 34.51 in Q1 against Rs 15.59 in the corresponding quarter of the previous fiscal.

EBITDA climbed 273.5% to Rs 642 crore in the June 2024 quarter against Rs 172 crore in the June 2023 quarter. EBITDA margins rose to 27.3% in Q1 against 7.9% on a year-on-year basis.

The earnings were announced during market hours. Mazagon Dock stock gained 5.11% to a high of Rs 5080 after the earnings were announced. Market cap of the firm climbed to Rs 1 lakh crore. The stock saw a turnover of Rs 71.39 crore with 1.46 lakh shares changing hands in the afternoon session. Later, the stock closed 3.40% higher at Rs 4997.10 on BSE.

Mazagon Dock shares have a one-year beta of 1.4, indicating very high volatility during the period. In terms of technicals, the relative strength index (RSI) of Mazagon Dock stands at 48.5, signaling it's trading neither in the overbought nor in the oversold zone.

About the company

Mazagon Dock Shipbuilders Ltd (MDS) is a shipbuilding and offshore fabrication yard. The company's major activities include shipbuilding, ship repairs and fabrication of offshore structures. It provides warships, merchant ships, submarines, support vessels, offshore platforms, passenger cum cargo vessels, trawlers, main and helidecks and barges.