Mazagon Dock Q1 Results: Profit More Than Doubles, Beats Estimates

Mazagon Dock Shipbuilders Ltd.'s first-quarter profit rose 121% year-on-year to Rs 696.1 crore for the quarter ended June 2024, according to an exchange filing on Wednesday.

This compares with the consensus estimate of Rs 491 crore given by analysts polled by Bloomberg.

Total operating expenses with respect to revenue has declined to 72.8% as compared to 92.1% last year. A decline in costs of materials and procurement of base and depot spares led to this significant uptick in Ebitda margins.

During the same period, revenue rose 8.48% to Rs 2,357 crore.

• Revenue up 8.48% to Rs 2,357 crore (Bloomberg estimate: Rs 2,933 crore)

• Ebitda rises 274% to Rs 642.3 crore (Bloomberg estimate: Rs 420 crore)

• Margin expands 1,934 basis points to 27.2% (Bloomberg estimate: 14.30%)

• Net profit rose 121.4% to Rs 696.1 crore (Bloomberg estimate: Rs 491 crore)

As of June 2024, the total orderbook stood at Rs 36,839 crore.

Shares of Mazagon Dock rose 0.5% to Rs 4,725 apiece, as compared with a 0.02% decline in the Nifty 50.

(This is a developing story).