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Mazagon
Dock Shipbuilders (MDL) hosted a conference call on Aug 11, 2023. In the conference
call the company was represented by Sanjeev Singhal, CMD.
Key takeaways of the conference
call
Unexecuted
Order Book as end of Jun 30, 2023 was Rs 39117 crore (comprising Rs 17843 crore
P17Alpha, Rs 14713 crore of P15B Destroyer; Rs 4006 crore of P75 Kalvari
Submarines; and Rs 2438 crore MRLC of Submarine).
As
far as four number of Destroyer (Project 15 Bravo (P15B Destroyer)) order, the
company have already delivered two destroyers ( one in 2021 and another in 2022)
and the company is targeting delivery of
third destroyers in FY24 and another by next fiscal.
As
far as four numbers of Project 17 Alpha (Stealth Frigates) the first ship will
be delivered by middle of CY2024 (or FY25) and after that one ship per year
will be delivered.
Placed
order for Floating Dry Dock at capex allocation of Rs 496 crore.
Received
order worth Rs 2725 crore for Medium Refit and Life Certification for INS
Shankush.
By
middle of 3rd quarter the company will be in better position to give
guidance. The company expect a revenue growth of 10-12% for FY24.
Next
set of submarine orders the price bids were submitted in Aug 2023. The total
order size is about Rs 43000 crore. L&T is the other bidder apart from
MDL. Price not yet finalized, the negotiation will
happen. Next set of destroyers (Next Generation) order will be in the size of
Rs 18000 crore and that of Next Generation P15Bravo (for 8 numbers) will be in
the range of RS 20000-27000 crore.
The
company have capability to take up construction of 11 submarines.
Retrofit
of first submarine will be somewhere in 2025.
For
submarine order DSMV Korea shown interest tie-up with DSML and dsmv was no
longer interest post taken over by another company.
Corvert
order RFP not yet issued and the same was expected by end this fiscal.
Other
income – Of RS 231 crore Other income in Q1FY24 there is no write back.
LD
has been held back by navy for all five submarines and it got LD back for first
submarine in Q4FY23 boosting margin and the LD on other four submarines will (around
Rs 800 crore) will be received going forward.
Third
ship will also be delivered ahead of delivery schedule by 4 months ahead and
the incentive will be either captured in Q2/Q3 FY24.
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