Mazagon Dock shares fall 1% despite manifold jump in Q4 profit

NEW DELHI: Shares of Mazagon Dock Shipbuilders erased its early gains and closed over 1 per cent lower on Friday. During the morning trade, it gained nearly 4 per cent after the company reported a manifold jump in consolidated net profit for the quarter ended March 2021.

The stock, which jumped 3.67 per cent to Rs 283.75 during the day on the BSE, gave up all the gains towards the close of trade and ended at Rs 271.85, lower by 0.68 per cent.

On the NSE, it closed at Rs 270.50, a decline of 1.15 per cent after gaining 3.76 per cent to Rs 283.95 during the day.

Mazagon Dock Shipbuilders on Thursday reported a manifold jump in consolidated net profit to Rs 230.54 crore for the quarter ended March 2021.

The company had reported a profit of Rs 41.55 crore in the corresponding period of the previous fiscal.

Its revenue from operations grew by 6 per cent in the quarter under review to Rs 1,105.11 crore, from Rs 1,043 crore in the year-ago period.

The total income of the company was Rs 1,378 crore in the fourth quarter, as against Rs 1,176.24 crore a year ago.