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The MoU comprises key areas of cooperation such as — technical expertise sharing for achieving global standards in ship maintenance; exploration of ship repair, dry docking and new building opportunities; joint training programmes focusing on responsible practices and skill development initiatives for both Cochin Shipyard and Maersk seafarers, the company said in an exchange filing.
Last week, brokerage firm Kotak Institutional Equities said the Cochin Shipyard stock may fall another 40% over the next 12 months. It has a ‘sell’ rating on the stock with a revised target price of ₹830 from the previous ₹800 per share.
The brokerage said that Cochin Shipyard’s December quarter results were in-line with expectations as the strong performance in the ship repair segment was offset by weakness in shipbuilding.
“After INS Vikrant, now INS Vikramaditya ship repair order will aid margins until Q1FY26,” the brokerage wrote in an investor note.The company reported a 27.6% decline in its third quarter net profit at ₹177 crore against the previous year’s ₹244.4 crore. Its revenue from operations increased 8.6% to ₹1,147.6 crore from last year’s ₹1,056.4 crore. At the operating level, EBITDA fell 23.4% to ₹237.4 crore against ₹310.1 crore in the year-ago period. The EBITDA margin contracted to 20.7% from last year’s 29.4%.
The board of directors also declared a second interim dividend of ₹3.5 per equity share of face value of ₹5 each for the financial year ending March 31, 2025. This is in addition to the interim dividend of ₹4, which was recommended by the board on November 7 last year.
Cochin Shipyard shares were trading 1.72% lower at ₹1,215 apiece at 2.45 pm on Monday, February 17. The stock has fallen 43.67% in the last six months.
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