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Results
11-Aug-23
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Analysis
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Mazagon Dock Shipbuilders
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Sales down 3%, net up 40%
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Consolidated net sales (including other operating income) of Mazagon Dock Shipbuilders for the quarter ended Jun 2023 has declined 2.58% to Rs 2172.76 crore. Operating profit margin has jumped from 7.79% to 7.90%, leading to 1.15% decline in operating profit to Rs 171.69 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 59.86% to 65.99%. Employee cost increased from 8.15% to 10.03%. Other expenses fell from 24.21% to 16.08%. Power and Oil fuel cost rose from 0.14% to 0.20%. Expenses from contract rose from 3.27% to 3.73%. Other direct service cost fell from 18.88% to 9.88%. Provisions writeoffs cost fell from 0.45% to 0.02%. Other provisions fell from 0.45% to 0.02%. Other income rose 70.90% to Rs 232.66 crore. PBIDT rose 30.51% to Rs 404.35 crore. Provision for interest fell 11.64% to Rs 1.29 crore. PBDT rose 30.71% to Rs 403.06 crore. Provision for depreciation rose 7.34% to Rs 19.74 crore. Profit before tax grew 32.19% to Rs 383.32 crore. Share of profit/loss was 257.22% higher at Rs 27.72 crore. Provision for tax was expense of Rs 96.7 crore, compared to Rs 72.95 crore. Effective tax rate was 23.53% compared to 24.50%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 39.84% to Rs 314.34 crore.
Order book update
Unexecuted order book value as end of Jun 30, 2023 stood at Rs 39117 crore.
Other key developments
Placed order for Floating Dry Dock at Capex allocation
of Rs 496 Cr
Received order for Medium Refit and Life Certification
for INS Shankush with order value pegged at Rs 2725 crore. Promoters’ stake was 84.83% as of 30 June 2023 ,compared to 84.83% as of 30 June 2022 .
| Mazagon Dock Shipbuilders : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 2,172.76 | 2,230.32 | -2.58 | 7,827.18 | 5,733.28 | 36.52 | | OPM (%) | 7.90 | 7.79 | 11 bps | 10.21 | 7.58 | 262 bps | | OP | 171.69 | 173.68 | -1.15 | 798.80 | 434.70 | 83.76 | | Other Inc. | 232.66 | 136.14 | 70.90 | 685.83 | 410.27 | 67.17 | | PBIDT | 404.35 | 309.82 | 30.51 | 1,484.63 | 844.97 | 75.70 | | Interest | 1.29 | 1.46 | -11.64 | 6.37 | 7.16 | -11.03 | | PBDT | 403.06 | 308.36 | 30.71 | 1,478.26 | 837.81 | 76.44 | | Depreciation | 19.74 | 18.39 | 7.34 | 75.58 | 74.51 | 1.44 | | PBT | 383.32 | 289.97 | 32.19 | 1402.68 | 763.3 | 83.77 | | Share of Profit/(Loss) from Associates | 27.72 | 7.76 | 257.22 | 72.96 | 47.73 | 52.86 | | PBT before EO | 411.04 | 297.73 | 38.06 | 1475.64 | 811.03 | 81.95 | | EO Income | 0 | 0 | - | 0 | -13.97 | - | | PBT after EO | 411.04 | 297.73 | 38.06 | 1475.64 | 797.06 | 85.14 | | Taxation | 96.7 | 72.95 | 32.56 | 356.61 | 186.22 | 91.50 | | PAT | 314.34 | 224.78 | 39.84 | 1119.03 | 610.84 | 83.20 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 314.34 | 224.78 | 39.84 | 1119.03 | 610.84 | 83.20 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 314.34 | 224.78 | 39.84 | 1119.03 | 610.84 | 83.20 | | EPS (Rs)* | 15.59 | 11.14 | 39.84 | 55.48 | 30.81 | 80.10 | | | * EPS is on current equity of Rs 201.69 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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