Cochin Shipyard Q4 Review - Smooth Sailing In Windy Sea: ICICI Direct
Coast Guard ships sit docked at the Cochin Shipyard Ltd. (Photographer: Dhiraj Singh/Bloomberg)

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.

Click on the attachment to read the full report:

ICICI Direct Cochin Shipyard Q4FY21 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

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