Shares of warship maker GRSE rallied 19% to hit a new 52-week high of Rs 781 on BSE after the company reported its best-ever net profit of Rs 77 crore in the June quarter. The firm saw a 54% rise in net profit as compared to the Rs 50 crore it reported in the year-ago period.
Its total income stood at Rs 827 crore in the first quarter of the current fiscal, 33% higher than Rs 621 crore in the year-ago period.
Revenue from operations for the quarter under review grew 30% to Rs 756 crore as compared to Rs 580 crore last year. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) was Rs 117 crore as against Rs 74 crore, registering a growth of 58%.
“The current fiscal year has started on a very vibrant note for GRSE with the shipyard recording the best-ever quarterly results in the history of the company. The shipyard gears up for the launch of the third Frigate of P17A on August 17… GRSE shall continue to play a major role in encouraging industrial growth,” GRSE Chairman and Managing Director Cmde PR Hari said.
At 11.23 am, the scrip was trading 18% higher at Rs 773 on BSE. On a year-to-date basis, GRSE shares surged over 60%, while it has delivered multibagger returns of over 180% in the last one year.
As per Trendlyne data, the average target price of GRSE is Rs 525, which shows a downside of 32% from the current market prices. The consensus recommendation from three analysts for the stock is a ‘Hold’.Meanwhile, Cochin Shipyard shares also surged over 11% and hit a new 52-week high of Rs 761 after the firm reported a 135% year-on-year (YoY) jump in consolidated net profit at Rs 98.65 crore, compared to Rs 42 crore in the corresponding quarter of last fiscal.
Revenue from operations, meanwhile, rose 7.9% YoY to Rs 475.9 crore for the quarter under review as against Rs 440.9 crore in the year-ago quarter.
The company reported an EBITDA of Rs 78.7 crore for the June quarter. Meanwhile, margins during the quarter came in at 16.5%.
At 11.36 am, the stock was trading 10% higher at Rs 758 on BSE. Cochin Shipyards also delivered multibagger returns to its investors as the stock has rallied 125% in the past one year.
As per Trendlyne data, the average target price of Cochin Shipyard is Rs 682, which shows a downside of 10% from the current market prices. The consensus recommendation from 4 analysts for the stock is a ‘Buy’.
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