Mazagon Dock Shipbuilders Limited announced through an exchange filing that it had entered into a letter of intent with a European client for the construction of 6 firm and 4 optional units of 7500 DWT Multi-Purpose Hybrid Power Vessels. Additionally, the company recently inked a non-financial Master Ship Repair Agreement (MSRA) with the US Government, represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka. This agreement is expected to facilitate voyage repairs of US Navy Ships at MDL.

In its financial report for the first quarter ending June 30, 2023 (Q1FY24), Mazagon Dock Shipbuilders Limited showcased robust performance. The company's Q1FY24 revenue amounted to Rs 2172.76 crore, reflecting a slight decrease of 2.58% YoY. However, the operating profit witnessed significant growth, reaching Rs 404.35 crore, a notable increase of 30.51% YoY. Furthermore, the company's Profit After Tax (PAT) experienced a substantial rise of 32.07% YoY, reaching Rs 286.62 crore.

Established in 1934 as a private limited company, Mazagon Dock Shipbuilders has evolved from a small ship repair entity to one of India's prominent shipbuilding yards, especially after its acquisition by the government in 1960. Notably, the company's shares have shown remarkable performance, delivering multibagger returns of approximately 1,100% over the last three years. With an order book exceeding Rs 39,000 crore, investors are advised to closely monitor this stock.