Cochin Shipyard gained 2.88% to Rs 300.45 after consolidated net profit soared 44.1% to Rs 137.53 crore on 3.6% rise in net sales to Rs 816.69 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) jumped 15.2% to Rs 183.30 crore in Q4 March 2020 as against Rs 159.15 crore in Q4 March 2019. Current tax expenses skid 38.1% to Rs 54.37 crore in Q4 March 2020 as against Rs 87.78 crore in Q4 March 2019. The Q4 earnings was announced on Saturday, 20 June 2020.
The board has recommended a dividend of Rs 15 per equity share for the financial year ended 31 March 2020.
The operations of Cochin Shipyard were temporarily disrupted from 23 March 2020 to 5 May 2020. The subsidiary company has just started operation from 9 June 2020. The companies continue to work on a reduced scale of operations. However, the group expects to ramp up the operations significantly in the ensuing quarters.The impact of COVID-19 may differ from that estimated as at the date of approval of the financial statements and the group will continue to closely monitor any material changes to future economic conditions, it stated.
Cochin Shipyard is focused on providing cater to clients engaged in the defence sector in India and clients engaged in the commercial sector. In addition to shipbuilding and ship repair, the firm offers marine engineering training.
As of 31 March 2020, the Government of India held 72.86% stake in the company.
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