Mazagon Dock Shipbuilders rallies 9% on doubling of Q1 profit

Shares of soared over 9 per cent in Thursday's trade after the company said its profit jumped 134 per cent year-on-year (YoY) to Rs 217 crore in the June quarter from Rs 93 crore in the corresponding quarter last year.

Following the development, the scrip jumped 9.47 per cent to hit a high of Rs 309.75 on BSE.

In a filing to BSE, post market hours, the company said its revenue from operations was up 84 per cent YoY at Rs 2,230 crore from Rs 1,214 crore in the year-ago quarter. The company said this was its best ever quarterly performance.

Ebitda for the quarter rose 96 per cent YoY to Rs 310 crore from Rs 158 crore in the same quarter last year. Operating profit was up 201 per cent YoY at Rs 154 crore from Rs 51 crore. In a presentation, the company said it has bagged two orders from for manufacturing 2,500 shipping containers. It also talked about the MbPT order for the repair of the launch boat. The company said it has initiated the design & development of indigenous Midget Submarine.

In April, the company launched the sixth Scorpene Submarine of Project-75 1.e “VAGSHEER”. In May, it launched the fourth P15B-Visakhapatnam class Guided Missile Destroyer namely ‘Surat’ and second P17A Nilgiri Class Stealth Frigate namely ‘Udaygiri' on May 17.