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Dolat Capital Report
Cochin Shipyard Ltd. delivered sales/ Ebitda/ profit after tax growth of 6%/ 32%/ 25% YoY primarily due to execution of fixed cost portion of indigenous aircraft carrier project, lower provisions and job mix.
Order backlog stood at ~Rs 210 billion (including level-one of next generation missile vessel), 7.4 times trailing twelve months sales.
Revenue booking from indigenous aircraft carrier is expected to continue till FY24.
Cochin Shipyard expects signing of next generation missile vessels to complete by CY21 and execution will commence from FY24 with delivery of first vessel expected in 48 months and consequently other vessels after every six months.
Cochin Shipyard has cut its FY22 sales guidance to ~Rs 31 billion from Rs 35 billion with potential Ebitda margin of ~24%.
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