Cochin Shipyard sinks 10% on dismal March quarter performance

The company’s consolidated revenue declined 50 percent year on year to Rs 600 crore. Net profitability was down 86 percent at Rs 39 crore during the quarter

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Shares of Cochin Shipyard Ltd were trading almost 10 percent down in the afternoon on May 22 after the ship-building and repairs company reported a poor set of numbers for the March quarter of financial year 2022-23.

The company’s consolidated revenue declined 50 percent year on year to Rs 600 crore, as it declared losses of Rs 64 crore on an operating level. Net profitability was down 86 percent to Rs 39 crore during the quarter, the company told exchanges on May 19.

The shipbuilding segment revenue was down 55 percent to Rs 436 crore and reported a loss of Rs 88 crore at operating level. The ship repair segment revenue fell 42 percent to Rs 146 crore.

Cochin Shipyard’s board has recommended a final dividend of Rs 3 a share for the financial year 2022-23.

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The quarter witnessed execution challenges and changes in its order composition. It will now be crucial to watch for development around Indigenous Aircraft Carrier-2 (IAC-2). Since the start of the calendar year 2023, the stock has lost 8 percent of its value.

Outlook

Cochin Shipyard caters to clients engaged in the defence sector in India and in the commercial sector worldwide. In addition to shipbuilding and ship repair, it offers marine engineering training as well.

The company is in the process of constructing a new dock, a “stepped” dry dock. This stepped dock will enable longer vessels to fill the length of the dock and wider, shorter vessels and rigs to be built or repaired in the wider part, the company said.

It is also aiming to set up an International Ship Repair Facility, which would include setting up of a ship-lift and transfer system, it said.

At 1.20 pm, Cochin Shipyard stock was trading 9.77 percent lower at Rs 490 on NSE.

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