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Cochin Shipyard consolidated sales rose 25% in Q3FY20 compared to Q3FY19 to Rs 896.09 crore. OPM rose 10 basis points to 22.1% which saw OP rose 25% to Rs 197.71 crore. Other income increased 9% to Rs 54.26 crore while interest cost jumped 234% to Rs 11.32 crore. As depreciation grew 44% to Rs 12.43 crore, PBT rose 17% to Rs 228.23 crore. Tax provision was down 13% to Rs 58.41 crore. PAT rose 32% to Rs 169.81 crore.
Segment wise, Ship building revenue stood at Rs 747.35 crore, up by 35% YoY in Q3FY20 and accounted for 79% of total sales. PBIT from the same was up by 64% to Rs 175.16 crore and accounted for 73% of total PBIT with PBIT margin at 23.4% as compared to 19.3% for Dec19 quarter.
For the quarter, sales from the Ship repair segment stood at Rs 148.73 crore down by 10% YoY and accounted for 16% of total sales. PBIT from the same reported was Rs 19.9 crore compared to Rs 65.58 crore in Dec18 quarter, down by 70% forming 8% of total PBIT. PBIT margin was 13.4% as compared to 39.8% for Dec19 quarter
For 9MFY 2020, sales grew 20% to Rs 2605.81 crore. OPM fell 30 basis points to 20.9% which saw OP rose 18% to Rs 544.15 crore. Other income rose 23% to Rs 200.74 crore and interest cost grew 243% to Rs 33.7 crore. As depreciation grew 44% to Rs 36.72 crore, PBT rose 15% to Rs 674.46 crore. As tax provision fell 13% to Rs 179.34 crore, PAT rose 30% to Rs 495.12 crore.
Segment wise, Ship building revenue stood at Rs 2139.71 crore, up by 46% YoY in 9MFY20 and accounted for 76% of total sales. PBIT from the same was up by 71% to Rs 451.37 crore and accounted for 64% of total PBIT with PBIT margin at 21.1% as compared to 18% for 9MFY19.
Sales from the Ship repair segment stood at Rs 466.1 crore down by 34% YoY and accounted for 17% of total sales. PBIT from the same was down by 52% to Rs 118.44 crore and accounted for 17% of total PBIT with PBIT margin at 25.4% as compared to 34.6% for 9MFY19.
The stock trades at Rs 356.
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