Cochin Shipyard (COCHINSHIP) Q4 21/22 earnings summary

Executive summary

• FY2021-22 revenue from operations was ₹3,190 crore and standalone PAT ₹586.57 crore; PAT fell from ₹610.10 crore YoY amid supply-chain constraints and rising costs.

• Diversified shipbuilding and ship repair, a ~₹20,000 crore order book, and expansion across multiple locations supported the growth outlook.

Financial highlights

• Standalone turnover rose to ₹3,190 crore from ₹2,818.90 crore YoY; PBT was ₹794.39 crore versus ₹810.59 crore, and PAT was ₹586.57 crore versus ₹610.10 crore.

• Standalone EPS was ₹44.59 versus ₹46.38; consolidated revenue from operations was ₹3,190.95 crore and consolidated PAT was ₹563.96 crore.

• Total dividend for FY2021-22 was ₹16.75 per share, including the proposed final dividend of ₹3.75; payout totalled ₹220.33 crore.

Outlook and guidance

• Order book was valued at ~₹20,000 crore; expected growth drivers include European orders, ship repair demand and contributions from the Kolkata and Udupi subsidiaries.

• Next Generation Missile Vessel contract was expected to be placed soon; the 12,000 m³ dredger order and eight German Eco Freighters open new business segments.

• New dry dock was targeted to start operations in early Q2 2024; the International Ship Repair Facility was expected to complete by end-2023.