Cochin Shipyard Ltd

Cochin Shipyard is mainly engaged in the construction of vessels and repairs and refits of all types of vessels including upgradation of ships periodical layup repairs and life extension of ships.(Source : 201903 Annual Report Page No: 121)

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 3.59%.
Company has been maintaining a healthy dividend payout of 36.08%
Cons:
The company has delivered a poor growth of 10.50% over past five years.
Contingent liabilities of Rs.2065.57 Cr.
Earnings include an other income of Rs.238.47 Cr.

Peer Comparison Sector: Ship Building // Industry: Miscellaneous

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
542 582 522 556 583 615 601 659 799 716 788 735
406 469 492 442 489 478 486 544 611 558 678 594
Operating Profit 136 113 31 114 94 137 115 115 188 158 110 142
OPM % 25% 19% 6% 20% 16% 22% 19% 17% 24% 22% 14% 19%
Other Income 44 37 45 39 65 51 38 58 56 50 65 68
Interest 3 3 3 3 3 3 3 3 3 3 5 11
Depreciation 10 10 10 10 10 9 9 8 8 9 9 12
Profit before tax 168 138 64 140 147 176 142 161 232 197 161 186
Tax % 35% 34% 35% 35% 32% 35% 35% 34% 36% 34% 39% 36%
Net Profit 109 90 41 91 100 114 92 106 148 130 98 120
EPS in Rs 7.93 8.37 6.74 7.82 10.86 9.58 7.41 9.14
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
834 1,256 1,420 1,462 1,406 1,680 1,798 1,583 1,990 2,059 2,355 2,962 3,039
804 948 1,088 1,154 1,208 1,327 1,381 1,493 1,598 1,673 1,890 2,389 2,441
Operating Profit 30 308 333 308 199 353 417 90 392 385 465 573 598
OPM % 4% 25% 23% 21% 14% 21% 23% 6% 20% 19% 20% 19% 20%
Other Income 133 -30 33 82 67 87 61 77 107 159 189 228 238
Interest 4 20 19 29 13 23 20 19 12 12 12 15 22
Depreciation 10 10 15 17 22 19 25 38 37 39 38 34 38
Profit before tax 149 248 331 344 231 397 433 110 450 493 605 751 777
Tax % 37% 35% 33% 34% 33% 33% 35% 37% 35% 35% 34% 36%
Net Profit 94 160 223 228 155 266 282 69 292 322 397 481 495
EPS in Rs 29.19 36.58 36.99
Dividend Payout % 0% 7% 5% 5% 13% 6% 6% 25% 30% 32% 41% 36%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.96%
5 Years:10.50%
3 Years:14.18%
TTM:23.65%
Compounded Profit Growth
10 Years:7.34%
5 Years:11.10%
3 Years:17.80%
TTM:20.20%
Return on Equity
10 Years:17.63%
5 Years:14.01%
3 Years:15.14%
Last Year:14.48%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
232 232 192 192 152 113 113 113 113 113 136 132
Reserves 200 -110 491 775 865 1,112 1,376 1,441 1,711 1,915 3,120 3,201
Borrowings 27 101 0 0 0 0 334 123 123 123 123 123
1,726 2,463 1,844 1,690 1,653 1,205 1,202 1,255 1,444 1,210 2,142 1,832
Total Liabilities 2,066 2,568 2,448 2,579 2,631 2,431 3,025 2,932 3,391 3,362 5,521 5,287
92 122 190 191 186 240 370 370 370 371 349 375
CWIP 17 45 49 37 64 138 8 13 24 54 115 341
Investments 0 0 3 0 0 0 0 0 0 0 16 60
1,956 2,401 2,206 2,351 2,382 2,052 2,647 2,549 2,996 2,937 5,041 4,511
Total Assets 2,066 2,568 2,448 2,579 2,631 2,431 3,025 2,932 3,391 3,362 5,521 5,287

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
656 -102 11 -24 310 48 -584 663 40 212 632 -448
21 -0 -53 22 10 -93 15 16 47 65 -1,328 1,044
-124 -134 -186 -58 -86 -90 271 -235 -32 -113 812 -409
Net Cash Flow 553 -236 -229 -60 235 -135 -298 444 55 165 116 186

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 32% 112% 92% 51% 25% 38% 30% 7% 26% 25% 22% 22%
Debtor Days 96 139 191 275 203 149 244 134 83 54 90 48
Inventory Turnover 3.25 3.96 3.70 5.09 4.71 4.68 4.79 4.53 7.44 9.74 9.25 9.77