Cochin Shipyard is set to assess the qualifications of its shareholders today in relation to the subdivision or splitting of their current shares. Over the past half-year, the high-potential stock has surged by 129%, and it has gained an impressive 175% over the course of the past year.
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Cochin Shipyard Ltd shares will undergo a stock split on Wednesday, changing the face value from Rs 10 to two shares, each with a face value of Rs 5. The company had previously announced a record date for the stock split, scheduled for January 10, 2024. Cochin Shipyard will determine shareholder eligibility for the subdivision or split of their existing shares today.
Additionally, Cochin Shipyard, which boasted a shipbuilding order book worth Rs 22,000 crore as of September 30, recently inked a contract valued at Rs 488.25 crore with the Ministry of Defence. This contract entails the repair and maintenance of equipment and systems on naval vessels. Work on this project began during the second quarter of FY24, following the Approval of Necessity (AoN) from MoD, and is projected to conclude by the first quarter of FY25, as disclosed to stock exchanges on December 20.
Cochin Shipyard Limited holds a prominent position in India for both commercial and defense shipbuilding and repair. The company, with its nationwide presence, is dedicated to expanding its reach and fostering a broader shipbuilding and repair ecosystem throughout the country.
In conjunction with its September quarter results, the company declared a stock split and an interim dividend of Rs 8 per share. The ex-date for the dividend was November 20.
For the September quarter, Cochin Shipyard reported a consolidated net profit of Rs 181.52 crore, a substantial increase from Rs 112.79 crore in the corresponding quarter of the previous year. On a consolidated basis, revenue from operations surged to Rs 1,011.71 crore, up from Rs 683.18 crore in the same quarter the previous year. Other income also experienced growth, reaching Rs 87.56 crore for the quarter compared to Rs 61.46 crore in the same quarter of the previous year. While finance costs decreased, depreciation costs saw a YoY increase.
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