John Cockerill India (500147) Q4 21/22 earnings summary

Executive summary

• FY22 marked a recovery: operating revenue rose 93.27% YoY to ₹382.78 crore, with PBT of ₹4.43 crore versus a ₹30.21 crore loss in FY21.

• Delayed order execution and under-utilized engineering and manufacturing capacity weighed on results for much of the year; activity improved toward year-end.

• Record order entries of ₹1,150 crore and a contract exceeding ₹1,000 crore for two processing lines supported the post-pandemic turnaround and growth plans.

Financial highlights

• Revenue from operations was ₹38,278.44 lakh versus ₹19,805.83 lakh in FY21; total income was ₹38,923.61 lakh versus ₹20,035.64 lakh.

• PBT was ₹442.92 lakh versus a loss of ₹3,020.92 lakh; net income was ₹464.02 lakh versus a loss of ₹2,906.21 lakh.

• EPS was ₹9.40 versus a loss per share of ₹58.86; total comprehensive income was ₹503.70 lakh versus a loss of ₹2,965.38 lakh.

• Operating cash flow was ₹2,634.60 lakh; cash and cash equivalents ended FY22 at ₹2,908.47 lakh, up from ₹2,228.62 lakh.

Outlook and guidance

• Management expected significant revenue and profit growth, with improved margins in coming years, subject to unforeseen circumstances.

• Further domestic and overseas orders worth several hundred crores were under advanced discussion, alongside a sizeable pipeline of technical and commercial opportunities.

• Remaining performance obligations were ₹1,27,724.23 lakh at March 31, 2022; management expected 20%–30% to convert to revenue in the next reporting period, subject to contract progress.

• Decarbonisation and green-hydrogen solutions for steelmaking were identified as emerging opportunities aligned with India’s emissions-reduction targets.