Mazagon Dock shares sink 5% as execution hurts revenue growth

Revenue de-growth on YoY basis during the quarter was below expectations as execution has been slower in its key contracts such as P-75 submarines, P-15B destroyers and P-17A frigates, highlighted ICICI Securities.

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Shares of Mazagon Dock Shipbuilders sunk 5 percent on August 11 after the company reported a dull set of quarterly numbers.

Even as the defence player reported a 40 percent YoY jump in consolidated net profit at Rs 314.34 crore, revenue fell 3 percent to Rs 2,172.76 crore and EBITDA was down 1 percent at Rs 171.69 crore.

Operating margin was stable at 7.9 percent as compared with 7.78 percent a year ago.

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At 10:44 am, shares of the company were trading 2.9 percent lower at Rs 1,742.30 on the BSE. Investors have shown a strong interest in the stock, with the scrip rising 130 percent in the past three months and 485 percent in the past one year.

Revenue de-growth on YoY basis during the quarter was below expectations as execution has been slower in its key contracts such as P-75 submarines, P-15B destroyers and P-17A frigates, highlighted ICICI Securities.

The company’s order backlog stands healthy at Rs 39,117 crore as of June 2023 which is 5 times FY23 revenues, the brokerage firm said. Moreover, there is also a strong pipeline of projects under consideration from Indian Navy including next generation warships, conventional submarines and nuclear powered submarines.

Though long term outlook is strong in terms of healthy order backlog and strong pipeline, execution will remain a key factor to watch out for in the coming quarters, said ICICI Securities.

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