Mazagon Dock Q4 Results Review - Better-Than-Expected Performance; Upside Capped: ICICI Securities

ICICI Securities Report

Mazagon Dock Shipbuilders Ltd. has reported Q4 FY24 Ebitda of Rs 5.2 billion (up 1.5 times YoY). Key points:

1. Ebitda margin at 16.9% (10.1% in Q4 FY23) was aided by refund of LD charges (Rs 1.4 billion), operating leverage advantage, lower subcontracting and other expenses.

2. The company won contract of 14 nos. of Fast Patrol Vessels for ICG (value Rs 10.7 billion).

3. Planned deliveries for FY25 include: Fourth destroyer by Q3 FY25, First frigate (P17A program) by end-CY24 and Last submarine.

4. FY24 order inflow stood at more than Rs 72 billion (excluding the revision in the order value of P-17A).

5. Company has planned capex of Rs 25-30 billion over the next three-four years.

6. Board has recommended a final dividend of Rs 12.11/share for FY24.

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