Cochin Shipyard (COCHINSHIP) Q4 12/13 earnings summary

Executive summary

• FY12/13 turnover rose 10.62% YoY to ₹1,554.16 crore; PAT reached ₹185.27 crore, despite recessionary conditions and no new commercial shipbuilding orders.

• Six ships were delivered; ship repair turnover reached a record ₹286.57 crore, including INS Viraat repairs completed two weeks ahead of schedule.

Financial highlights

• Total revenue was ₹1,642.34 crore vs ₹1,481.54 crore; PBT was ₹275.55 crore vs ₹252.96 crore, and PAT was ₹185.27 crore vs ₹172.33 crore.

• Revenue from operations rose to ₹1,554.16 crore from ₹1,404.85 crore; other income was ₹88.17 crore vs ₹76.69 crore.

• Contribution to the national exchequer through taxes and duties was ₹158.12 crore.

Outlook and guidance

• Shipbuilding recovery was expected to remain weak until FY15; defence and offshore vessel demand, plus ship repair, were identified as growth opportunities.

• ISRF development at Cochin Port Trust was planned in phases, with estimated project capex of ₹487 crore; offshore fabrication and a large dock remained under feasibility study.

• A five-year MoU signed in April 2013 covers repairs for Lakshadweep Administration and LDCL vessels, supporting recurring repair activity.