Cochin Shipyard's Q3FY19 standalone net profit rises 14% yoy to Rs130cr

The company’s standalone revenue in the quarter stood at Rs716cr, up 16.5% yoy but down 10.4% qoq.

Feb 08, 2019 05:02 IST India Infoline Research Team

Cochin Shipyard Q3FY19

Standalone Results Q3FY19: (in Rs cr)

Q3FY19 YoY (%)
Revenue 716.42 16.5
EBITDA 158.48 15.5
EBITDA Margin (%) 22.1 [18]
Net Profit (adjusted) 129.72 14.0
***EBITDA margin change is bps
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.

Technical View:

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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