- 16 May 2025
- ICICIdirect Research
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COCHIN SHIPYARD Q4FY25 REVENUE INCREASED BY 37% YOY
COCHINSHIP - 2188 Change: 26.40 (1.22 %)News: Q4FY25 revenue increased by 36.7% YoY (+53.2% QoQ) to Rs 1757 crore mainly led by ship repair segment. Ship-building revenue (52% of total) declined by 6.4% YoY (+42.3% QoQ) to Rs 921.2 crore and ship-repair segment revenue (48% of total) grew by 178% YoY (+67% QoQ) to Rs 836.4 crore. EBITDA margin contracted by 730 bps YoY (-557 bps QoQ) to 15.1% mainly due to higher provisions. Subsequently, EBITDA declined by 7.8% YoY (+11.9% QoQ) to Rs 265.8 crore. EBIT margin of ship-building stood at 15.6 % (-1090 bps YoY, +440 bps QoQ) while for ship-repair, it stood at 40% (-890 bps YoY, -80 bps QOQ). PAT increased by 10.9% YoY (+62.3% QoQ) to Rs 287.2 crore. For FY25, revenue is up by 25.8% YoY to Rs. 4820 crore as ship-repair revenue has grown by 85.2% YoY while ship-building revenue is up by 4.7% YoY. FY25 EBITDA margin stands at 18.2% (vs 22.7% in FY24)
View: Execution remains healthy in the ship-repair segment while it was impacted in shipbuilding. Order backlog is estimated to be at ~Rs 20000 crore (4.1x TTM revenues), giving healthy revenue visibility. Overall order pipeline remains robust across defence & commercial ships/vessels (domestic and exports) and ship-repair. Going forward, execution pickup in shipbuilding with continuous order inflows would be the key growth driver in the coming period
Impact: Positive