Mazagon Dock Shipbuilders (MAZDOCK) Q4 18/19 earnings summary

Executive summary

• FY19 revenue from operations reached Rs 4,649.15 crore and PBT Rs 826.68 crore, up nearly 19% YoY; order book was Rs 51,025 crore at 31 Mar 2019.

• Performance against Ministry of Defence MoU targets was rated “Excellent” provisionally; revenue exceeded the Rs 4,500 crore target.

Financial highlights

• Revenue from operations was Rs 4,649.15 crore vs Rs 4,487.98 crore in FY18; PBT was Rs 826.68 crore vs Rs 696.53 crore.

• Standalone profit for the year was Rs 519.40 crore vs Rs 439.93 crore; EPS was Rs 23.18 vs Rs 18.28.

• EBITDA was Rs 892.20 crore vs Rs 750.59 crore; net worth rose to Rs 2,805.89 crore from Rs 2,422.53 crore.

• Cash and cash equivalents were Rs 729.68 crore at 31 Mar 2019; current investments in bank deposits were Rs 6,740 crore.

Outlook and guidance

• Order book of Rs 51,025 crore supports ongoing work and readiness for prospective Navy programs, including P75i, NGMV, NGD, NGC and NGF.

• A submarine launch facility was under construction, targeted for completion by Mar 2020, to enable two independent submarine lines.

• Nhava greenfield yard plans include a shiplift, wet basin and ship-repair capability, with potential for commercial shipbuilding; land and statutory clearances remain prerequisites.

• Export strategy targets foreign naval and commercial customers, though no order-volume guidance was stated.