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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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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

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