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ICICI Direct Report
Cochin Shipyard Ltd. registered a substandard performance in Q1 FY21 as production was halted till May 5. After this, production started on a reduced time scale for a significant period of the quarter affecting overall performance.
Revenue for the quarter was at Rs 332.5 crore, down 55% YoY. Shipbuilding (SB) revenue fell 47.5% YoY to Rs 316.1 crore while shiprepair (SR) segment contracted 87.7% YoY to Rs 16.35 crore in the quarter.
On a segmental profitability front, SB reported Ebit of Rs 62.5 crore whereas SR clocked an Ebit (loss) of Rs 8.9 crore. SB, SR segments contributed 95.1%, 4.9% to the topline, respectively.
Employee expenses stayed stable, coming in at Rs 69.9 crore. Ebitda margin came in at 5.1% during the quarter, contracting approximately 1400 basis points YoY. Absolute Ebitda de-grew 88% YoY to Rs 17 crore.
Consequently, profit after tax came in at Rs 42.6 crore, down 65% YoY.
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