Mazagaon Dock Shares Tumble Down More Than 3% Ahead Of Q1 Results

Mazagaon Dock Shipbuilder Ltd. shares tumbled down more than 3 per cent ahead of their Q1 FY25 earnings. The stock opened at Rs 4,855.00 per share on the National Stock Exchange. The shares of Mazagaon Dock Shipbuilders touched a day-low level of Rs 4,680.30 per share on the National Stock Exchange.

The stock has also recorded an all-time high level of Rs 5,860.00 per share at the Indian bourses on July 5, 2024

Peer's Q1 Earnings

Out of the three shipbuilding companies, Mazagon Dock will be the last to release its June quarter financial results. Garden Reach's numbers were mixed, but earlier Cochin Shipyard numbers had left an impression on the street.

In the June quarter, Cochin Shipyard recorded a 62 per cent year-over-year increase in revenue to Rs 771 crore. Additionally, the company's earnings before interest, tax, depreciation, and amortisation (EBITDA) more than doubled compared to the same period last year.

In comparison to the same quarter previous fiscal year, Garden Reach also recorded a 22 per cent increase in EBITDA and a 34 per cent increase in revenue. However, because material costs were higher than they were in the same quarter last year, margins decreased.

Stock perfomance

Mazagon Dock's shares had dropped almost 20 per cent from their all-time high of Rs 5,860, which it had reached a month earlier in July, by the end of the day on Wednesday.

Following the recent correction, Mazagon Dock's market capitalisation has also fallen below Rs 1 lakh crore.

At a price of Rs145, Mazagon Dock shares debuted on the stock market in 2020. The government still holds the largest stake in the company—more than 84 per cent—and the stock has performed exceptionally well since then.