Cochin Shipyard Limited
Incorporated in the year 1972, Cochin Shipyard Limited(CSL) is a leading player in construction of all kinds of vessels, repairs and refits of all types of vessels including periodic upgradation and life extension of ships.
CSL has built & repaired some of the largest ships for its esteemed customers across the globe. It has exported some 45 ships to various clients outside India.
It has developed its expertise from building bulk carriers to smaller ships and ships which are more advanced in terms of technology such as Platform Supply vessels, Anchor Handling Tug Supply Vessels.
Product Mix
- Ship Building (72% in 9M FY24 vs 76% in FY23)
- Ship Repair (28% in 9M FY24 vs 24% in FY23)
Shareholding Pattern
-PUBLIC GROUP
-PROMOTER GROUP
Financial Summary
| Particulars | March 2022 | March 2023 | March 2024 |
| Sales | 3,190 | 2,330 | 3,645 |
| Sales Growth % | 13% | -27% | 56% |
| Expenses | 2,555 | 2,057 | 2,760 |
| Operating Profit | 635 | 273 | 885 |
| OPM % | 20% | 12% | 24% |
| Net Profit | 587 | 334 | 813 |
| EPS in Rs | 22.29 | 12.71 | 30.91 |
Synopsis of Financials
- Registered all-time high turnover in the financial year ’23-’24.
- Profit Before Tax in ’23-’24 increased by 156% compared to the previous year.
- Profit After Tax in ’23-’24 increased by 157% compared to the previous year.
- Ship repair turnover crossed INR1,000 crores.
- Net worth of the company reached the INR5,000 crore mark for the first time.
- Recommended a final dividend of INR2.25 per share for ’23-’24, totaling INR59.19 crores.
Final Outlook
Shares of state-run Cochin Shipyard Ltd. have declined by more than half from their peak in July last year, and the correction in the stock is not over yet.
In the December quarter, the company’s net profit dropped 28% to ₹177 crore, compared to ₹244 crore in the same period last year. Its operating margin also contracted by 870 basis points (bps) to 20.7% in Q3 FY25. However, revenue grew by 8.6% to ₹1,148 crore, up from ₹1,056 crore in the corresponding period last year.
Additionally, the company’s board has announced a second interim dividend. In an exchange filing, it stated, “The board of directors of the company, at their meeting on February 6, 2025, declared a second interim dividend of ₹3.50 per fully paid-up equity share of ₹5 (70%) for the financial year 2024-25, with Wednesday, February 12, 2025, set as the record date.”
Cochin Shipyard also reported a 9% increase in revenue from operations, reaching ₹1,148 crore, compared to ₹1,056 crore in the previous year. Meanwhile, total expenses stood at ₹9,525 crore, down from ₹7,741 crore in the third quarter of the prior fiscal year.
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