- 30 May 2024
- ICICI Securities
EXECUTION PICK-UP LED TO STRONG PERFORMANCE
MAZDOCK - 3058 Change: 29.70 (0.98 %)News: Revenue increased by 49.3% YoY (+31.4% QoQ) to Rs 3103.7 crore. EBITDA margin improved by 675 bps YoY to 16.9%, leading to EBITDA growth by 148.8% YoY to Rs 524.1 crore. Other income was higher by 65.1% YoY to Rs 348.7 crore, which further led PAT to Rs 663.0 crore (+103.2% YoY). For FY24, revenue is up 20.9% YoY with EBITDA margin at 14.9% (vs 10.2% in FY23). PAT for FY24 is up 69.6% YoY.
Views: Revenue growth of ~21% YoY for FY24 is in-line with provisional number reported by the company in April. Execution has picked-up significantly in the key contracts (P-15B destroyers, P-17A frigates, P-75 Kalvari submarines) which led to healthy revenue growth and improvement in margins. Order inflows during FY24 stands at ~Rs 9300 crore with order backlog at Rs 38561 crore (4.1x FY24 revenues), provides healthy revenue growth visibility . Orders pipeline also looks robust in submarines, next generation destroyers & frigates, corvettes etc. Company has also been exploring more opportunities in repair/refit segment and commercial shipbuilding (domestic & exports) where we believe new contracts would emerge in future
Impact: Positive