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ICICI Securities Report
Mazagon Dock Shipbuilders Ltd. reported in-line Ebitda of Rs 851 million, up 17% YoY.
Top-line performance was impressive with Q2 FY22/H1 FY22 revenue up 43%/88% YoY, respectively.
Ebitda margin performance is normalised at 5.4% for Q2 FY22 given that there is no exceptional classification of employee and other expenses linked to Covid-19.
Favourable working capital performance (release of ~Rs 1.6 billion in H1 FY22) allowed for two times Ebitda to operating cash flow (pre-tax) conversion in H1 FY22.
Mazagon Dock's orderbook at Rs 493.3 billion (as of June 2021 end) implies a ‘book to bill' ratio of ~12.3 times and is to be executed over next few years. We expect execution to peak at more than Rs 80 billion in FY24E.
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