Cochin Shipyard reported a good set of numbers for Q3FY19 on all fronts. Revenue for the quarter grew 16.5% yoy (declined 10.4% qoq) to Rs716cr. EBITDA came in at Rs158cr, up 15.5% yoy but down 15.7% qoq. EBITDA margin contracted 18bps yoy and 140bps qoq to 22.1%. PAT came in at Rs130cr, up 14% yoy but down 12.1% qoq.
Shipbuilding revenue grew 35.4% yoy and 19.5% qoq to Rs552cr.
Ship repair revenue declined 20.7% yoy and 51.3% qoq to Rs164cr.
Subcontractor cost declined 350bps yoy, while employee cost was up 92bps yoy. However, the cost of raw materials was up 539bps yoy thereby resulting in a marginal decline in EBITDA margins.
Shipbuilding margins contracted ~1,300bps yoy and expanded 215bps qoq to 19.4%, while ship repair margins expanded ~2,600bps yoy, but marginally declined 23bps qoq, to 39.8%.
The balance orders at hand stood at Rs1,607cr with contracts to be signed amounting to ~Rs5,400cr for eight ASW SCW Corvettes. Phase-III IAC order, amount for which is not disclosed, is also yet to be signed.
Cochin Shipyard Ltd share price ended at Rs363.10, up 2.3 points, or 0.64%, from its previous close of Rs360.80 on the BSE. The scrip opened at Rs362 and touched a high and low of Rs370.95 and Rs357.65, respectively. A total of 73,512 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200-DMA.
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