Mazagon Dock Shipbuilders' Shares Declines Over 4% After Decline In Q1 Revenue

State-run Midcap Defence company, Mazagon Dock Shipbuilders' shares on Friday fell over 4% to hit an intraday low of Rs 1,714.35 per share on BSE after the company reported a decline in revenue in the June quarter FY 2023-24.

The company recorded a net profit of Rs. 314.3 crore, up 39.8% year over year (YoY) for the June quarter FY 2023-24. Mazagon Dock Shipbuilders reported a net profit of Rs 224.8 crore for the same period a year ago, according to a regulatory filing by the company.

Total revenue for the company was Rs 2,172.8 crore for the June quarter, down 3% from Rs 2,230 crore during the same period of the prior year.

Operating-level EBITDA decreased 1.2% to Rs 171.8 crore in the first quarter of this fiscal year compared to Rs 173.9 crore in the same quarter the previous year. Meanwhile, the EBITDA margin for June Quarter was 7.9% as opposed to 7.8% in the equivalent period of the prior fiscal year.

The Mazagon Dock Shipbuilders' shares trading 1% lower at Rs 1775.85 per share on BSE. The shares declined 2.72% in the last 1 week, while gained 133.88% in 3 months. In 6 months, it gained 145.52%. It has delivered multibagger returns of 497.73% in the last 1 year and 640.83% in the last 2 years.

Mazagon Dock Shipbuilders Ltd. is a Miniratna 'Category-1' CPSE, under the Ministry of Defence, Govt. Of India. Under the Ministry of Defence, it is one of the top shipyards in India for the public sector. Building warships and submarines is its primary business.