Mazagon Dock Shipbuilders Q2 Results: Profit Up 76%, Beats Estimates
Mazagon Dock Shipbuilders Ltd.'s second-quarter profit rose 76% year-on-year in the quarter ended Sept. 30, beating analysts' estimates.
The shipbuilding firm posted a profit of Rs 585 crore in the second quarter of the current financial year, according to an exchange filing on Tuesday. Analysts tracked by Bloomberg had a consensus estimate of Rs 489 crore.
Revenue rose 51% to Rs 2,757 crore in the quarter as against expectations of Rs 2,148 crore. The total operating expenses to revenue narrowed to 81.5% as compared to 90.3% in the year-ago period.
Mazagon Dock Q2 Earnings Highlights (Consolidated, YoY)
Revenue up 51% to Rs 2,757 crore (Bloomberg estimate: Rs 2,148 crore).
Ebitda up 189% to Rs 511 crore (Estimate: Rs 364 crore).
Margin expands to 18.5% versus 9.7% (Estimate: 16.9%).
Net profit up 76% to Rs 585 crore (Estimate: Rs 489 crore).
Total order book as of September 2024 stood at Rs 39,872 crore.
The board of directors declared an interim dividend of Rs 23.19 per share.
Key Concall Highlights
Two deliveries planned before Dec. 31, 2024: One submarine and potentially a destroyer ahead of schedule.
Delivery of a second frigate may slip to the next financial year.
No reversal of liquidated damages occurred in the second quarter.
Mazagon Dock hopes for reversal of approximately Rs 300 crore in the third quarter.
Potential order pipeline includes additional Scorpene submarines (three units, next-generation destroyers, Project 17 Bravo frigates, and an air-independent propulsion plug retrofit for existing Scorpenes.
ONGC offshore project: Rs 7,000–8,000 crore, expected execution over two years.
Current capacity can handle 11 submarines and 10 warships.
Currently executing six large platforms and some smaller vessels.
Capital expenditure plans of Rs 5,000 crore over the next couple of years.
Additional capex to double capacity and allow construction of larger vessels.
Expects revenue growth of 10–12% year-over-year.
Expects normalised profit-before-tax margin of 12–15% for new projects
Expects to maintain margins in the second half of the fiscal similar to H1 FY25.
Shares of Mazagon Dock were closed 4.24% higher at Rs 4,197.80 apiece on the NSE, compared to a 0.91% rise in the benchmark Nifty 50.
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