Mazagon Dock Shipbuilders (MAZDOCK) Q4 21/22 earnings summary

Executive summary

• FY22 marked record revenue from operations of ₹5,733.28 cr and operating profit of ₹353.03 cr; PAT rose 22% YoY to ₹586.47 cr.

• Two major naval platforms were delivered during the year, while modernization and design initiatives advanced capacity, productivity and indigenous capability.

Financial highlights

• Revenue from operations was ₹5,733.28 cr vs ₹4,047.82 cr; total income reached ₹6,166.91 cr vs ₹4,648.02 cr.

• EBITDA was ₹868.33 cr vs ₹824.07 cr; PBT before exceptional items was ₹786.66 cr vs ₹756.06 cr.

• PAT was ₹586.47 cr vs ₹479.57 cr; EPS increased to ₹29.08 from ₹23.78.

• Exceptional items were ₹13.97 cr vs ₹126.14 cr; FY22 included lockdown-period employee benefit costs.

Outlook and guidance

• FY22 revenue from operations of ₹5,733.28 cr exceeded the Ministry of Defence MoU target of ₹5,000 cr; PBT before exceptional items was ₹786.66 cr.

• Plans include a phased greenfield shipyard at Nhava and a new 15,000-tonne floating dry dock, subject to visibility on large orders.

• Priorities include submarine parallel construction, future submarine opportunities, repairs and refits, diversification, and export development.

• A 10-year growth roadmap targets 6x revenue growth; the implementation report submitted in April 2022 was under review.