- 09 Apr 2025
- ICICIdirect Research
MAZAGON DOCK SHIPBUILDERS HAS ANNOUNCED PRELIMINARY FY25 REVENUE ESTIMATES OF AROUND RS. 10775 CRORE
MAZDOCK - 3049 Change: 20.70 (0.68 %)News: MDL has announced preliminary FY25 revenue estimates of around Rs. 10775 crore, an increase of ~14% Yoy from Rs. 9467 crore the previous year. The company has also declared its 2nd interim dividend of Rs. 3 per equity share of face value Rs.5 and has fixed Wednesday 16th April, 2025 as record date for the same.
View: The provisional revenue growth of ~14% YoY for FY25 is below expectations considering that the execution remained strong during 9MFY25 (revenue was up 30% YoY). Implied revenue for Q4FY25 stands at ~Rs.2500 crore (down 20% YoY). Execution expected to pickup in the coming two years as order backlog of ~Rs 34000 crore (3x FY25 revenue) is likely be executed over the next 2-2.5 years. Moreover, orders pipeline remains robust as contracts like additional three Kalvari class submarines and six next-generation submarines under P-75I are expected to be placed with the company in medium term
Impact: Neutral