John Cockerill India (500147) Q4 20/21 earnings summary

Executive summary

• FY21 operations were severely disrupted by COVID-19, customer force majeure and delayed projects; revenue fell 46.7% and the year ended with a ₹3,020.92 lakh pre-tax loss.

• Orders won rose to ₹18,600 lakh from ₹6,900 lakh; closing backlog was ₹51,371.56 lakh at March 31, 2021.

Financial highlights

• Revenue from operations was ₹19,805.83 lakh versus ₹37,156.95 lakh in FY20; total income was ₹20,258.46 lakh versus ₹38,675.50 lakh.

• PBT was a loss of ₹3,020.92 lakh versus profit of ₹2,891.55 lakh; net loss was ₹2,906.21 lakh versus net profit of ₹2,374.50 lakh.

• Basic and diluted EPS were both -₹58.86 versus ₹48.09 in FY20.

• Other income fell to ₹452.63 lakh from ₹1,518.55 lakh; FY20 included ₹1,155.03 lakh of non-operating income.

Outlook and guidance

• Management expected gradual global and Indian economic recovery through H2 2021, while noting uncertainty from COVID-19 waves and variants.

• Advanced-stage prospective orders were ₹20,000 lakh; 60%-70% of the ₹51,371.56 lakh remaining performance obligations was expected to be recognized in the next reporting period, subject to project progress.

• Long-term demand prospects depend on steel-maker expansion and differentiated technology delivered cost-competitively; portfolio expansion aims to build more predictable revenue streams.