Buy Cochin Shipyard, target price Rs 610: IIFL

IIFL has buy call on Cochin Shipyard with a target price of Rs 610. The current market price of Cochin Shipyard Ltd. is Rs 581.5.

Cochin Shipyard Ltd., incorporated in the year 1972, is a Mid Cap company (having a market cap of Rs 7660.91 Crore) operating in Defence sector.

Cochin Shipyard Ltd. key Products/Revenue Segments include Indigenous Aircraft Carrier, Vessels, Ship Repairs and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 496.77 Crore, down -62.49 % from last quarter Total Income of Rs 1324.26 Crore and up 32.39 % from last year same quarter Total Income of Rs 375.25 Crore. Company reported net profit after tax of Rs 42.18 Crore in latest quarter.

Investment Rationale
The stock has given a Flag pattern breakout

Promoter/FII Holdings
Promoters held 72.86 per cent stake in the company as of 30-Jun-2022, while FIIs owned 2.75 per cent, DIIs 4.37 per cent.