Cochin Shipyard (COCHINSHIP) Q4 24/25 earnings summary

Executive summary

• Achieved all-time high turnover and profits in FY 2023-24 and FY25, with strong growth in shipbuilding and ship repair segments.

• Secured major new orders, including hybrid service operation vessels for European clients and multiple tug contracts, totaling over INR 1,200 crore.

• Commissioned and capitalized significant infrastructure projects, including the International Ship Repair Facility (ISRF) and a new dry dock, with full operations expected by August 2024.

• Delivered India's first indigenously built hydrogen fuel cell vessel and advanced hybrid electric catamaran hull vessels.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved by the Board, with unmodified opinions from statutory auditors.

Financial highlights

• Consolidated turnover for FY 2023-24 reached INR 3,830.45 crore, up 62% year-over-year; consolidated revenue for FY25 was ₹481,995.88 lakhs, up from ₹383,045.42 lakhs.

• Profit before tax rose 156% to INR 1,070.94 crore; profit after tax increased 157% to INR 783.28 crore in FY 2023-24; consolidated net profit for FY25 was ₹82,733.05 lakhs.

• Ship repair turnover exceeded INR 1,000 crore for the first time; net worth crossed INR 5,000 crore.

• Dividend payout for FY 2023-24 totals INR 256.5 crore, representing 32% of profit after tax; total dividends for FY25 reached ₹9.75 per share.

• Basic and diluted EPS (consolidated) for FY25 were ₹31.45, up from ₹29.77 in FY24.

Outlook and guidance

• Targeting 20%-25% top-line growth for FY 2024-25, with EBITDA margin guidance maintained at 18%-19% on a consolidated basis.

• Expectation of higher depreciation costs due to new facility commissioning, with additional depreciation of INR 125-150 crore anticipated.

• The Board expects to pay the final dividend within 30 days of AGM approval.

• Confident in continued growth, supported by a robust order book and ongoing execution in both defense and export markets.