MAZDOCK · Capital Goods
Mazagoan Dock Shipbuilders Ltd. reported revenue of ₹3,104 cr for January to March 2024, — on the year and +31.4% on the quarter.
Operating profit (EBITDA) was ₹524 cr, a margin of 16.9%, — on the year and −594 bps on the quarter.
Net profit was ₹663 cr, — on the year and +5.7% on the quarter, with earnings per share of ₹16.43.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹48.01 over the last four quarters, the stock at ₹2,092.00 trades at 43.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 41% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,362 cr | ₹3,104 cr | ₹2,357 cr | ₹2,757 cr | ₹3,144 cr | ₹3,174 cr | ₹2,626 cr | ₹2,929 cr | ₹3,601 cr | ₹3,850 cr | ₹2,943 cr | ₹2,446 cr |
| YoY | — | — | +8% | +51% | +33% | +2% | +11% | +6% | +15% | +21% | +12% | −16% |
| EBITDA margin | 22.8% | 16.9% | 27.2% | 18.5% | 26.0% | 3.7% | 11.5% | 23.7% | 24.6% | 14.1% | 15.2% | 8.1% |
| Other income, % of PBT | 34% | 41% | 30% | 35% | 27% | 78% | 57% | 29% | 23% | 36% | 43% | 63% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 25% | 25% | 28% | 21% | 26% | 24% | 25% | 20% | 25% | 25% |
| Net profit | ₹627 cr | ₹663 cr | ₹696 cr | ₹585 cr | ₹807 cr | ₹325 cr | ₹452 cr | ₹749 cr | ₹880 cr | ₹674 cr | ₹550 cr | ₹346 cr |
| YoY | — | — | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +107% | +22% | −54% |
| Core profit YoY | — | — | +312% | +209% | +49% | −83% | −61% | +38% | +11% | +514% | +62% | −78% |
| EPS | ₹15.54 | ₹16.43 | ₹17.26 | ₹14.50 | ₹20.01 | ₹8.06 | ₹11.21 | ₹18.58 | ₹21.81 | ₹16.84 | ₹13.62 | ₹8.53 |
| Flags | 1 | 1 | ✓ | ✓ | ✓ | 2 | 2 | ✓ | 1 | 1 | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Mazagoan Dock Shipbuilders Ltd. reported revenue of ₹3,104 cr (— on the year) and net profit of ₹663 cr (— on the year) for January to March 2024.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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