Shares of Mazagon Dock Shipbuilders Ltd. skyrocketed 12% and hit a 52-week high of Rs 3,403.95 on 29 May after the company’s net profit doubled for the quarter ending 31 March 2024. 

The company’s net profit during the quarter under review stood at Rs 663 crore, doubling from Rs 326 crore reported in the same quarter last year.

The company’s revenue from operations during the quarter stood at Rs 3,103.6 crore, marking a 50% year-on-year increase against Rs 2,078.6 crore reported in the corresponding quarter of the previous fiscal year. 

The earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) during the quarter grew to Rs 525 crore for Q4FY24 against Rs 211 crore reported in Q4FY23. The EBITDA Margin expanded by 700 basis points to 17% during the quarter. 

The board of directors of the company also declared a final dividend of Rs 12.11 per share along with an interim dividend of Rs 15.34 per share for the fiscal year 2023-24. The dividend is subject to shareholders approval at the upcoming annual general meeting. The dividend will be dispatched within 30 days of the AGM. 

As of 31 March, the government remains the largest shareholder in the company, with an 84.8% stake, while Retail shareholders hold a 9.29% stake. 

At 3:30 pm, the shares of Mazagon Dock closed 11.10% higher at Rs 3,374 on NSE.