Cochin Shipyard Ltd

Cochin Shipyard Ltd

₹ 1,550 4.43%
21 May 12:44 p.m.
About

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. [1]

Key Points

Company Overview
Cochin Shipyard is into shipbuilding (Defence, Commercial & Offshore), Ship repair, Marine Engineering Training and Strategic & Advanced Solutions. It has built and delivered 21 large vessels, 35 offshore support vessels, 93 small & medium vessels and 31 defence vessels as of FY23. [1]

  • Market Cap 40,775 Cr.
  • Current Price 1,550
  • High / Low 1,570 / 234
  • Stock P/E 74.5
  • Book Value 179
  • Dividend Yield 0.56 %
  • ROCE 8.66 %
  • ROE 6.57 %
  • Face Value 5.00

Pros

  • Company has been maintaining a healthy dividend payout of 36.8%

Cons

  • Stock is trading at 8.63 times its book value
  • The company has delivered a poor sales growth of -0.21% over past five years.
  • Company has a low return on equity of 12.0% over last 3 years.
  • Earnings include an other income of Rs.359 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Aerospace & Defence Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
749 1,080 329 696 953 1,211 440 683 631 577 444 954 1,021
431 821 307 530 811 912 406 543 477 643 362 759 710
Operating Profit 318 259 23 166 142 299 34 139 154 -66 82 195 311
OPM % 42% 24% 7% 24% 15% 25% 8% 20% 24% -11% 18% 20% 30%
15 69 47 42 64 113 57 61 23 131 84 88 56
Interest 12 16 12 12 12 12 12 12 12 -2 8 9 8
Depreciation 14 14 14 14 14 14 14 15 14 9 13 15 15
Profit before tax 308 298 44 183 181 386 65 174 151 58 145 258 345
Tax % 26% 23% 27% 26% 26% 26% 25% 31% 21% 19% 25% 26% 28%
229 230 32 136 134 284 49 120 118 47 109 191 248
EPS in Rs 8.72 8.73 1.23 5.16 5.11 10.80 1.86 4.55 4.50 1.80 4.16 7.26 9.43
Raw PDF
Upcoming result date: 24 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,406 1,680 1,798 1,583 1,990 2,059 2,355 2,966 3,422 2,819 3,190 2,330 2,997
1,208 1,327 1,381 1,493 1,598 1,669 1,890 2,392 2,708 2,092 2,555 2,057 2,474
Operating Profit 199 353 417 90 393 390 465 574 714 727 635 273 522
OPM % 14% 21% 23% 6% 20% 19% 20% 19% 21% 26% 20% 12% 17%
67 87 61 77 107 154 189 227 247 194 266 268 359
Interest 13 23 20 19 12 12 12 15 50 57 53 42 23
Depreciation 22 19 25 38 37 39 38 34 49 53 54 51 52
Profit before tax 231 397 433 110 450 493 605 751 863 811 794 448 806
Tax % 33% 33% 35% 37% 35% 35% 34% 36% 26% 25% 26% 25%
155 266 282 69 292 322 397 481 638 610 587 334 596
EPS in Rs 6.85 11.75 12.43 3.06 12.88 14.19 14.59 18.29 24.24 23.19 22.29 12.71 22.65
Dividend Payout % 13% 6% 6% 25% 30% 32% 41% 36% 34% 33% 38% 39%
Compounded Sales Growth
10 Years: 3%
5 Years: 0%
3 Years: -12%
TTM: 1%
Compounded Profit Growth
10 Years: 1%
5 Years: -6%
3 Years: -23%
TTM: -4%
Stock Price CAGR
10 Years: %
5 Years: 52%
3 Years: 98%
1 Year: 511%
Return on Equity
10 Years: 14%
5 Years: 14%
3 Years: 12%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 113 113 113 113 113 113 136 132 132 132 132 132 132
Reserves 865 1,112 1,376 1,441 1,711 1,915 3,120 3,201 3,600 3,846 4,228 4,292 4,583
Preference Capital 39 0 0 0 0 0 0 0 0 0 0 0
0 0 334 123 123 123 123 123 123 532 546 567 583
1,631 1,175 1,164 1,214 1,402 1,170 2,103 1,793 2,554 2,893 3,413 4,919 5,436
Total Liabilities 2,609 2,401 2,987 2,891 3,349 3,321 5,482 5,248 6,409 7,403 8,318 9,909 10,733
186 240 370 370 370 371 349 375 756 756 740 716 725
CWIP 64 138 8 13 24 54 115 341 768 1,062 1,247 1,603 1,961
Investments 0 0 0 0 0 0 16 60 65 214 262 336 335
2,360 2,022 2,609 2,508 2,954 2,897 5,001 4,472 4,819 5,371 6,069 7,254 7,713
Total Assets 2,609 2,401 2,987 2,891 3,349 3,321 5,482 5,248 6,409 7,403 8,318 9,909 10,733

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
310 -25 -584 663 40 212 632 -448 253 670 1,415 2,051
10 -103 15 16 47 65 -1,328 1,044 -74 -446 -1,011 -226
-86 -77 271 -235 -32 -113 812 -409 -309 -405 -238 -272
Net Cash Flow 235 -205 -298 444 55 165 116 186 -130 -181 166 1,553

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 203 149 244 134 83 54 90 48 31 46 50 52
Inventory Days 192 157 177 113 81 70 98 70 65 130 65 116
Days Payable 163 62 77 64 74 59 83 84 85 130 37 69
Cash Conversion Cycle 233 244 345 184 91 66 104 34 10 46 78 99
Working Capital Days -47 2 274 -71 -95 -57 -114 -27 9 -2 -88 -402
ROCE % 25% 38% 30% 7% 26% 25% 22% 22% 25% 21% 18% 9%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
72.86% 72.86% 72.86% 72.86% 72.86% 72.86% 72.86% 72.86% 72.86% 72.86% 72.86% 72.86%
3.02% 3.09% 3.10% 2.73% 2.75% 3.68% 6.87% 6.28% 5.73% 5.82% 4.11% 5.23%
5.94% 4.54% 4.11% 4.29% 4.37% 4.96% 3.87% 3.78% 3.21% 2.24% 2.20% 2.45%
18.18% 19.50% 19.93% 20.12% 20.02% 18.48% 16.39% 17.07% 18.19% 19.07% 20.84% 19.47%
No. of Shareholders 1,64,2991,67,7751,67,8101,71,0901,70,1001,64,5041,69,2571,69,2641,80,9792,66,4372,92,2123,96,327

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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