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ICICI Direct Report
Cochin Shipyard Ltd.'s revenue for the quarter came in at Rs 683.2 crore (down 1.9% YoY); lower than our estimate of Rs 800.6 crore. This was mainly due to slower than expected execution in ship-building contracts.
Revenue from ship-building segment (~77% share) declined 5% YoY to Rs 527.6 crore while revenue from ship-repair segment (~23% share) increased 10.3% YoY to Rs 155.6 crore.
Sequentially, total revenue increased 55% led by strong growth in both segments (50.1% QoQ revenue growth in ship-building and 74.0% QoQ revenue growth in ship-repair).
Cochin Shipyard's gross margins contracted 305 bps YoY on increase in raw material cost. Sequentially, gross margin improved 379 bps led by strong revenue growth (despite a sharp increase in raw material cost).
Ebitda margins came in at 19.8%; contracting 382 bps YoY on muted sales and increase in costs (mainly other cost). Sequentially, Ebitda margins improved sharply by 1265 bps on operating leverage benefits.
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