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.
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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