MAZDOCK LTD
Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines, cargo/passenger ships, and offshore platforms.
Key Business
Ship Construction
Ship Repair
Shareholding Pattern
–PUBLIC GROUP
-PROMOTER GROUP
Financial Summary
| Particulars | March 2022 | March 2023 | March 2024 |
| Sales | 5,733 | 7,827 | 9,467 |
| Sales Growth % | 41.64% | 36.52% | 20.94% |
| Expenses | 5,292 | 7,027 | 8,055 |
| Operating Profit | 441 | 801 | 1,412 |
| OPM % | 8% | 10% | 15% |
| Net Profit | 611 | 1,119 | 1,937 |
| EPS in Rs | 30.29 | 55.48 | 96.04 |
Synopsis of Financials
Financial Performance:
- Margins increased dramatically from 15% to 26% in the quarter.
- No LD (Liquidated Damages) refunds this quarter; however, potential LD refunds for two submarines expected in future quarters.
- Release of excess provisions related to destroyer deliveries contributing to improved margins.
- Current order book stands at approximately ₹40,400 crores.
- Revenue targets for FY25 expected to exceed previous year’s performance.
- Q4 FY24 results indicate a strong financial performance, with a notable liquidated damages (LD) write back of approximately ₹141 crores in the quarter.
- Total liquidated damages write back for FY24 is approximately ₹300 crores, primarily from two submarines.
Final Outlook
India’s only shipyard to have built Destroyers, conventional Submarines for the Indian Navy & manufacture Corvettes in India.
2802 Vessels Delivered from 1960: 28 Warships from advanced Destroyer to Missile Boats, & 7 Submarines.
Dependence on imports has been reduced.
Only Public Sector Defence Shipyard Constructing Destroyers & Submarines.
Mazdock shows profitability ratio that reflects how much profit a company generates from shareholders’ equity.Mazagon Dock Shipyard has ROE of 35.21% which is Very much good
ROCE Of Mazdock is also way too inpressive and P/E Ratio is also fine.
Company has a order book of Rs.38,000 Crores+, With Good Opportuinities in its Defence Business i.e Construction of Warships,Submarines,Tugs,etc
It is can also be seen that in the upcoming years Revenue will increase at an unexpected speed.
I will Give Buy recommendation for this stock
Mazdock-Ltd