Reliance Naval & Engineering Ltd's Q3FY18 standalone net loss widens to Rs166cr

The company’s standalone revenue stood at Rs54cr, down 55.9% yoy and 35.2% qoq.

Jan 30, 2018 10:01 IST India Infoline Research Team

Reliance Naval & Engineering Ltd Q3FY18

Standalone Results Q3FY18: (Rs. in crore)

Q3FY18 YoY (%)
Revenue 53.99 [55.9]
EBITDA 10.04 147.9
EBITDA Margin (%) 18.6 1,529
Net Loss (adjusted) 166.31 [25.3]
***EBITDA margin change is bps


Reco. Price


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Reliance Defence reported a weak set of numbers for Q3FY18 on revenue and bottom line fronts. The revenue declined by 55.9% yoy and 35.2% qoq to Rs54cr. EBITDA came in at Rs10cr, up 147.9% yoy and 129.7% qoq. EBITDA margin improved to 18.6% from 3.3% in Q3FY17. Reported net loss widened from Rs133cr in Q3FY17 to Rs166cr in Q3FY18.
  • Cost Estimated for Revenue Recognized, which is the provision for the proportionate cost to be incurred on proportionate completion of vessels other than commercial vessels.
  • Based on completion of non-commercial vessels, the company has adjusted the earlier provisions in the current quarter resulting to a reversal of earlier provision for Rs32cr in Q3FY18 v/s cost of Rs41cr in Q3FY17.
  • EBITDA margin expansion was also on account of 681bps yoy decline in other expenses.
  • Interest expense was up 28.1% yoy and lower other income (Rs1cr v/s Rs10cr in Q3FY17) resulted in the widening of losses.

Technical View:

Reliance Naval & Engineering Ltd is currently trading at Rs47.2, down by 2.05 points or 4.16% from its previous closing of Rs49.2 on the BSE. The scrip opened at Rs47.9 and has touched a high and low of Rs48.4 and Rs47.05 respectively. So far 10,82,149 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.

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