Two defence PSU stocks jump over 10% on strong Q1 results

economictimes.indiatimes.com:

GRSE and Mazagon Dock Shipbuilder jumped over 10% in Monday's trade on BSE after the June quarter results. Warship maker GRSE shares rallied 13% to Rs 661 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. On a year-to-date basis, GRSE shares surged nearly 40%, while it has delivered multibagger returns of over 135% in the last one year.

Meanwhile, Mazagon Dock Shipbuilders shares surged over 10% to Rs 1,919 after the firm on Thursday reported a 39.8% YoY increase in net profit at Rs 314.3 crore for the first quarter of FY24. In the corresponding quarter last year, Mazagon Dock Shipbuilders posted a net profit of Rs 224.8 crore, the company said in a regulatory filing. However, the company's total revenue stood at Rs 2,172.8 crore during the period under review, which fell 3% against Rs 2,230 crore in the corresponding