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Results
11-Nov-22
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Analysis
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Mazagon Dock Shipbuilders
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Solid performance
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Mazagon
Dock Shipbuilders consolidated net sales increased 8.42% to Rs 1702.36 crore in
Q2FY23 compared to Q2FY22. Operating
profit margin has jumped from 5.42% to 6.92%, leading to 38.31% rise in
operating profit to Rs 117.77 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
60.51% to 57.58%. Employee cost
decreased from 12.87% to 11.98%. Other
expenses rose from 21.20% to 23.52%.
Power and Oil fuel cost fell from 0.29% to 0.22%. Expenses from contract fell from 7.57% to
4.67%. Other direct service cost rose
from 9.16% to 15.15%.
Other
income rose 81.59% to Rs 163.61 crore.
PBIDT rose 60.56% to Rs 281.38 crore.
Provision for interest fell 23.04% to Rs 1.47 crore.
PBDT
rose 61.48% to Rs 279.91 crore.
Provision for depreciation rose 6.71% to Rs 18.46 crore.
Profit
before tax grew 67.55% to Rs 261.45 crore.
Share of profit/loss was 98.32% higher at Rs 18.9 crore. Provision for tax was expense of Rs 66.45
crore, compared to Rs 30.54 crore.
Effective tax rate was 23.70% compared to 18.45%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 58.41% to Rs
213.90 crore.
Equity
capital stood at Rs 201.69 crore as of 30 September 2022 to Rs 201.69 crore as
of 30 September 2021. Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 84.83% as of 30 September 2022 ,compared to 84.83% as of 30 September
2021 .
For year-to-date (YTD)
results analysis
Net
sales of Mazagon Dock Shipbuilders have increased 41.24% to Rs 3932.68
crore.
Operating
profit margin has jumped from 5.58% to 7.41%, leading to 87.55% rise in
operating profit to Rs 291.45 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
55.68% to 58.87%. Employee cost
decreased from 13.66% to 9.81%. Other
expenses fell from 25.07% to 23.91%.
Power and Oil fuel cost fell from 0.29% to 0.17%. Expenses from contract fell from 8.67% to
3.88%. Other direct service cost rose
from 12.38% to 17.27%. Provisions
writeoffs cost fell from 1.89% to 0.26%.
Other provisions fell from 1.89% to 0.26%.
Other
income rose 68.23% to Rs 299.75 crore.
PBIDT rose 77.23% to Rs 591.2 crore.
Provision for interest fell 23.50% to Rs 2.93 crore.
PBDT
rose 78.40% to Rs 588.27 crore.
Provision for depreciation rose 6.81% to Rs 36.85 crore.
Profit
before tax grew 86.76% to Rs 551.42 crore.
Share of profit/loss was 45.05% higher at Rs 26.66 crore. Provision for tax was expense of Rs 139.4
crore, compared to Rs 63.03 crore.
Effective tax rate was 24.11% compared to 21.03%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 85.39% to Rs
438.68 crore.
Equity
capital stood at Rs 201.69 crore as of 30 September 2022 to Rs 201.69 crore as
of 30 September 2021. Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 84.83% as of 30 September 2022 ,compared to 84.83% as of 30 September
2021 .
Full year results
analysis
Net
sales of Mazagon Dock Shipbuilders has increased 41.64% to Rs 5733.28
crore.
Operating
profit margin has jumped from 5.53% to 7.58%, leading to 94.18% rise in
operating profit to Rs 434.70 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
46.49% to 46.97%. Employee cost
decreased from 16.13% to 13.93%. Other
expenses fell from 31.85% to 31.51%.
Power and Oil fuel cost fell from 0.28% to 0.26%. Expenses from contract fell from 9.81% to
7.49%. Other direct service cost rose
from 14.29% to 18.80%. Provisions
writeoffs cost rose from 0.49% to 1.79%.
Other provisions rose from 0.49% to 1.79%.
Other
income fell 28.54% to Rs 410.27 crore.
PBIDT rose 5.89% to Rs 844.97 crore.
Provision for interest fell 14.35% to Rs 7.16 crore.
PBDT
rose 6.10% to Rs 837.81 crore. Provision
for depreciation rose 24.91% to Rs 74.51 crore.
Fixed assets increased to Rs 1,043.50 crore as of 31 March 2022 from Rs
875.08 crore as of 31 March 2021.
Intangible assets declined from Rs 11.92 crore to Rs 8.06 crore.
Profit
before tax grew 4.57% to Rs 763.30 crore.
Share of profit/loss was 20.96% lower at Rs 47.73 crore. Extraordinary items were increased to Rs
-13.97 crore. Provision for tax was
expense of Rs 186.22 crore, compared to Rs 150.35 crore. Effective tax rate was 23.36% compared to
22.64%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 18.87% to Rs
610.84 crore.
Equity
capital stood at Rs 201.69 crore as of 31 March 2022 to Rs 201.69 crore as of
31 March 2021. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 84.83% as of 31 March 2022 ,compared to 84.83% as of 31 March 2021
.
Cash
flow from operating activities has turned negative Rs 162.63 crore for year
ended March 2022 from positive Rs 68.21 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 34.40 crore, compared to Rs 40.87
crore during the year ended March 2021.
The
scrip trades at Rs 772
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Mazagon Dock Shipbuilders :
Consolidated Results
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Particulars
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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1,702.36
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1,570.11
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8
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3,932.68
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2,784.35
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41
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5,733.28
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4,047.82
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42
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OPM (%)
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6.9
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5.4
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7.4
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5.6
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7.6
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5.5
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OP
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117.77
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85.15
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38
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291.45
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155.4
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88
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434.7
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223.87
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94
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Other Inc.
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163.61
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90.1
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82
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299.75
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178.18
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68
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410.27
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574.1
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-29
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PBIDT
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281.38
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175.25
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61
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591.2
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333.58
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77
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844.97
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797.97
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6
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Interest
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1.47
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1.91
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-23
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2.93
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3.83
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-23
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7.16
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8.36
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-14
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PBDT
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279.91
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173.34
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61
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588.27
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329.75
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78
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837.81
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789.61
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6
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Depreciation
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18.46
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17.3
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7
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36.85
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34.5
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7
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74.51
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59.65
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25
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PBT
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261.45
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156.04
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68
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551.42
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295.25
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87
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763.3
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729.96
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5
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Share of Profit/(Loss) from Associates
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18.9
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9.53
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98
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26.66
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18.38
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45
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47.73
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60.39
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-21
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PBT before EO
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280.35
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165.57
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69
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578.08
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313.63
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84
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811.03
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790.35
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3
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EO Income
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0
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0
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0
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-13.97
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-13.97
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-126.14
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89
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PBT after EO
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280.35
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165.57
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69
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578.08
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299.66
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93
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797.06
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664.21
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20
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Taxation
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66.45
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30.54
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118
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139.4
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63.03
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121
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186.22
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150.35
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24
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PAT
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213.9
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135.03
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58
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438.68
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236.63
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85
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610.84
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513.86
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19
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Minority Interest (MI)
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0
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0
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0
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0
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0
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0
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-
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Net profit
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213.9
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135.03
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58
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438.68
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236.63
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85
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610.84
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513.86
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19
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EPS (Rs)*
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#
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#
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#
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#
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30.8
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30.2
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Notes
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* EPS is on current equity of Rs 201.69 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Previous News |
Mazagon Dock Shipbuilders fixes record date for final dividend
(
Market Beat
-
Reports
07-Sep-23
19:02
)
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Mazagon Dock Shipbuilders
(
Analyst Meet / AGM
-
Conference Call
12-Aug-23
22:34
)
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Board of Mazagon Dock Shipbuilders recommends final dividend
(
Corporate News
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31-May-23
11:25
)
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Mazagon Dock spurts on inking master ship repair agreement with US Govt
(
Hot Pursuit
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08-Sep-23
09:29
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Mazagon Dock Shipbuilders delivers 3rd Scorpene Class Submarine 'Karanj'
(
Corporate News
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15-Feb-21
19:45
)
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Mazagon Dock Shipbuilders consolidated net profit rises 625.71% in the June 2021 quarter
(
Results
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Announcements
12-Aug-21
16:21
)
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Mazagon Dock Shipbuilders to conduct board meeting
(
Corporate News
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24-Jan-24
14:06
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Mazagon Dock signs Master Ship Repair Agreement with US Government
(
Corporate News
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07-Sep-23
18:51
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Mazagon Dock Shipbuilders announces cessation of director
(
Corporate News
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04-Feb-21
15:20
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Board of Mazagon Dock Shipbuilders recommends Interim Dividend
(
Corporate News
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11-Nov-22
10:42
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Mazagon Dock Shipbuilders to hold board meeting
(
Corporate News
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25-Oct-23
16:44
)
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