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

Executive summary

• FY23 marked a recovery: revenue and operating profit rose, the business returned to profit, and the order backlog exceeded ₹1,000 crore at year-end.

• Growth reflected higher execution and capacity utilisation; management expects significant revenue and profit growth with improved margins, barring unforeseen circumstances.

Financial highlights

• Revenue from operations was ₹483.70 crore, up 26% YoY; total income was ₹500.31 crore versus ₹389.24 crore in FY22.

• PBDIT rose 35% YoY to ₹23.26 crore; PBT was ₹16.18 crore versus ₹4.43 crore, and PAT was ₹12.89 crore versus ₹4.64 crore.

• EPS was ₹26.10 versus ₹9.40; total comprehensive income was ₹13.04 crore versus ₹5.04 crore.

• Other income increased to ₹16.61 crore from ₹6.45 crore, including ₹9.24 crore interest income on bank deposits.

Outlook and guidance

• Management expects revenue and profits to increase significantly, with improved margins, barring unforeseen circumstances; order opportunities are being pursued domestically and overseas.

• Remaining performance obligations were ₹1,138.47 crore at March 31, 2023; management expects 60%-70% to be recognised as revenue in the next reporting period, depending on contract progress.

• Expansion of Taloja production is planned to support high-value equipment output and domestic and export demand.