Mazagon Dockyard - Q2FY21 Results - First Cut - Strong operating performance - YES Securities

Key highlights from Consolidated Q2FY21 results

- MDL reported sales growth of 16% yoy.
- EBITDA was up 212% to Rs726mn with margin of 6.6% (+415bps yoy)
- Other income declined 30% yoy to Rs1bn
- Adjusted PAT grew 22% yoy to Rs1.26bn
- The Company has treated the total expenses amounting Rs1.17bn incurred during H1FY21 lockdown period as exceptional item.
- Cash incl. stage payments was at Rs72bn
- MDL has a large order book at ~Rs541bn as on July 2020, implying book/bill ratio of 11x.

The Company has launched fifth Scorpene submarine of Project-75. Two submarines of the ongoing Project-75 at MDL, Kalvari and Khanderi, have been commissioned into the Indian Navy. The third submarine, of the above project, is in the last phase of rigorous sea trials. The fourth submarine, has commenced her sea trials, whilst the sixth and last submarine, is being readied for boot together.

H1FY21 performance

- Sales at Rs14.8bn, down 28% yoy
- EBITDA at Rs887mn (margin at 6%), down 37% yoy
- Adjusted PAT at Rs2.3bn, up 23% yoy
- Reported PAT at Rs1.1bn, down 40% yoy

Shares of Mazagon Dock Shipbuilders Ltd. was last trading in BSE at Rs. 188.35 as compared to the previous close of Rs. 183.10. The total number of shares traded during the day was 1,30,114 and the deliverable quantity was 63,294.

The stock hit an intraday high of Rs. 190.80 and intraday low of Rs. 184.15.

Source : Equity Bulls

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