Mazagon Dock Shares Jump As Q1 Profit More Than Doubles
The stock rose as much as 5.04% intraday to Rs 5,077 apiece on the NSE.
Shares of Mazagon Dock Shipbuilders Ltd. erased their morning losses and surged on Wednesday after its net profit more than doubled for the quarter ended June.
The profit for the reporting quarter was Rs 696.1 crore, as against Bloomberg estimates of Rs 491 crore.
Mazagon Q1 FY25 Earnings Highlights (Consolidated, YoY)
Revenue up 8.48% to Rs 2,357 crore (Bloomberg estimate: Rs 2,933 crore)
Ebitda rises 274% to Rs 642.3 crore (Bloomberg estimate: Rs 420 crore).
The margin expands to 27.24% (Bloomberg estimate: 14.30%).
Net profit rose 121.4% to Rs 696.1 crore (Bloomberg estimate: Rs 491 crore).
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On the NSE, the stock rose as much as 5.04% intraday to Rs 5,077 apiece, the highest level since Aug. 9. It was trading 3.84% higher at Rs 5,019 apiece, compared to a flat Nifty at 3 p.m.
The share price has risen 120% on a year-to-date basis and 172% in the last 12 months. The total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 53.3.
Out of the four analysts tracking the company, two have a 'buy' rating on the stock and two suggest 'sell', according to Bloomberg data. The average 12-month analyst price targets implies a potential downside of 82%.
