John Cockerill India (500147) Q4 22/23 earnings summary

Executive summary

• Nine-month period ended Dec. 31, 2023; financial year shifted to Jan.–Dec., so results are not directly comparable with the prior 12-month year.

• Revenue from operations was ₹666.63 crore, PBDIT ₹32.25 crore and net profit ₹21.64 crore; new orders were ₹332 crore and backlog exceeded ₹800 crore.

Financial highlights

• Revenue from operations ₹666.63 crore versus ₹483.70 crore in FY23; reported increase of 37.82%, with the nine-month and 12-month periods not directly comparable.

• PBDIT ₹32.25 crore versus ₹23.26 crore in FY23; reported increase of 38.65%, with the periods not directly comparable.

• Profit before tax ₹26.07 crore; profit after tax ₹21.64 crore; basic and diluted EPS ₹43.82 for the nine months ended Dec. 31, 2023.

• Total income ₹672.82 crore; total comprehensive income ₹21.51 crore for the nine-month period.

Outlook and guidance

• Order backlog exceeded ₹800 crore at Dec. 31, 2023; remaining performance obligations were ₹802.02 crore, with 50%-60% expected to be recognised as revenue in the next reporting period, subject to project progress.

• Discussions with customers continued on further opportunities; India steel demand outlook was supported by infrastructure spending, housing and construction activity.

• FY24 domestic steel demand was forecast at 136 million tonnes; industry commentary also cited a possible challenge for Indian steelmakers in H2 FY24.