Mazagon Dock Q2 Results: Net profit soars 56% YoY to Rs 333 crore; dividend declared at Rs 15.34/share
Revenue from operations during the reporting period increased 7% year-on-year to Rs 1,828 crore as against Rs 1702 crore a year ago.
EBITDA or operating profit jumped 50% year-on-year to Rs 177 crore in the quarter, while margins improved to 9.7%.
The Board has approved an interim dividend of Rs 15.34 per share for the financial year 2023-24. The payout will amount to Rs 309 crore, which will be given out of the profits of the company in FY24.
The record date for determining the eligibility of shareholders for the dividend has been fixed as November 20 and the same would be paid on or before December 7.
On a sequential basis, net profit rose 6% from Rs 314 crore clocked in the preceding June quarter.
Revenue from operations, on the other hand, declined 16% quarter-on-quarter.
The profit before tax (PBT) for the reporting September quarter increased 53% year-on-year to Rs 407 crore. It was Rs 261 crore in the same quarter of last year.
Mazagon Dock shares have been among the top performers on the street with returns as much as 151% on a year-to-date basis.
This stellar rally in the share price can be partly attributed to the government's enhanced focus on indigenous technology for the defence sector and robust order flow for the company.
For the half year ended September 2023, the company's revenue from operations were flat at Rs 4,000 crore as against Rs 3,933 crore in the last year period.
Profit for the first half of the current fiscal year, however, surged 47% to Rs 647 crore.
