Cochin Shipyard Q4 Review - Smooth Sailing In Windy Sea: ICICI Direct
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ICICI Direct Report
Cochin Shipyard Ltd. exited FY21 with an outstanding performance in Q4 wherein revenue and operating margin were a beat to our estimates.
Ship repair segment, which was lagging since Covid-19, has now kicked in strong revenue and margins adding thrust to the company’s overall performance.
The company declared a dividend of Rs 2.5 per share during the quarter.
Revenue for the quarter came in at Rs 1,080.3 crore (versus our estimate of Rs 975 crore), up 32.3% YoY, 44.3% QoQ.
Gross margin contracted ~411 basis points YoY, 2,150 basis points QoQ (YoY being a higher base, QoQ being a one-off exception).
However, on a broader perspective, gross margins were in their median range.
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