Cochin Shipyard Ltd

₹ 336 0.84%
12 Aug - close price
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

India's First Greenfield Shipyard
Cochin Shipyard Limited (CSL) is India's first Greenfield Shipbuilding Yard. It is only shipyard in India with a ship building capacity upto 1,10,000 DWTand which can repair ships upto 1,25,000 DWT. It is the only yard which can repair air defence ships. It has at its credit of securing three major orders from ONGC for repairs of 2 Mobile offshore drilling unit & 1 jack up rig. [1]
CSL was designed and constructed under technical collaboration with M/s Mitsubishi Heavy Industries -Japan.[2]

  • Market Cap 4,424 Cr.
  • Current Price 336
  • High / Low 383 / 281
  • Stock P/E 7.33
  • Book Value 331
  • Dividend Yield 3.87 %
  • ROCE 18.7 %
  • ROE 14.1 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.01 times its book value
  • Stock is providing a good dividend yield of 3.87%.
  • Company has been maintaining a healthy dividend payout of 35.1%

Cons

  • The company has delivered a poor sales growth of 9.15% over past five years.
  • Contingent liabilities of Rs.3,991 Cr.
  • Earnings include an other income of Rs.277 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: Ship Building Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
735 973 896 817 332 657 749 1,080 329 696 953 1,211 440
594 767 698 654 315 532 431 821 307 530 811 912 406
Operating Profit 142 206 198 163 17 126 318 259 23 166 142 299 34
OPM % 19% 21% 22% 20% 5% 19% 42% 24% 7% 24% 15% 25% 8%
68 80 55 45 65 45 15 69 47 42 64 113 57
Interest 11 11 11 11 11 11 12 16 12 12 12 12 12
Depreciation 12 12 12 12 12 14 14 14 14 14 14 14 14
Profit before tax 186 263 230 185 58 146 308 298 44 183 181 386 65
Tax % 36% 21% 26% 25% 27% 26% 26% 23% 27% 26% 26% 26% 25%
Net Profit 120 208 171 139 43 108 229 230 32 136 134 284 49
EPS in Rs 9.14 15.78 13.01 10.55 3.24 8.24 17.45 17.46 2.45 10.33 10.22 21.60 3.72

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,462 1,406 1,680 1,798 1,583 1,990 2,059 2,355 2,966 3,422 2,819 3,190 3,300
1,154 1,208 1,327 1,381 1,493 1,598 1,669 1,890 2,392 2,708 2,092 2,560 2,659
Operating Profit 308 199 353 417 90 393 390 465 574 714 727 630 642
OPM % 21% 14% 21% 23% 6% 20% 19% 20% 19% 21% 26% 20% 19%
82 67 87 61 77 107 154 189 227 247 194 266 277
Interest 29 13 23 20 19 12 12 12 15 50 57 46 47
Depreciation 17 22 19 25 38 37 39 38 34 49 53 56 56
Profit before tax 344 231 397 433 110 450 493 605 751 863 811 794 815
Tax % 34% 33% 33% 35% 37% 35% 35% 34% 36% 26% 25% 26%
Net Profit 228 155 266 282 69 292 322 397 481 638 610 587 603
EPS in Rs 20.09 13.71 23.51 24.87 6.12 25.75 28.39 29.19 36.58 48.48 46.38 44.59 45.87
Dividend Payout % 5% 13% 6% 6% 25% 30% 32% 41% 36% 34% 33% 38%
Compounded Sales Growth
10 Years: 9%
5 Years: 9%
3 Years: 2%
TTM: 17%
Compounded Profit Growth
10 Years: 14%
5 Years: 13%
3 Years: 7%
TTM: 1%
Stock Price CAGR
10 Years: %
5 Years: -9%
3 Years: -1%
1 Year: -6%
Return on Equity
10 Years: 16%
5 Years: 15%
3 Years: 16%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
192 152 113 113 113 113 113 136 132 132 132 132
Reserves 775 865 1,112 1,376 1,441 1,711 1,915 3,120 3,201 3,600 3,846 4,228
0 0 0 334 123 123 123 123 123 123 123 544
1,668 1,631 1,175 1,164 1,214 1,402 1,170 2,103 1,793 2,554 3,303 3,416
Total Liabilities 2,557 2,609 2,401 2,987 2,891 3,349 3,321 5,482 5,248 6,409 7,403 8,318
191 186 240 370 370 370 371 349 375 756 756 740
CWIP 37 64 138 8 13 24 54 115 341 768 1,062 1,247
Investments 0 0 0 0 0 0 0 16 60 65 214 255
2,329 2,360 2,022 2,609 2,508 2,954 2,897 5,001 4,472 4,819 5,371 6,076
Total Assets 2,557 2,609 2,401 2,987 2,891 3,349 3,321 5,482 5,248 6,409 7,403 8,318

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-24 310 -25 -584 663 40 212 632 -448 253 749 1,414
22 10 -103 15 16 47 65 -1,328 1,044 -74 -525 -476
-58 -86 -77 271 -235 -32 -113 812 -409 -309 -405 -238
Net Cash Flow -60 235 -205 -298 444 55 165 116 186 -130 -181 700

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 275 203 149 244 134 83 54 90 48 31 46 45
Inventory Days 122 192 157 177 113 81 70 98 70 65 130 67
Days Payable 118 163 62 77 64 74 59 83 84 85 130 84
Cash Conversion Cycle 279 233 244 345 184 91 66 104 34 10 46 27
Working Capital Days -13 -47 2 274 -71 -95 -57 -114 -27 9 -5 -90
ROCE % 51% 25% 38% 30% 7% 26% 25% 22% 22% 25% 22% 19%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
75.21 75.21 72.86 72.86 72.86 72.86 72.86 72.86 72.86 72.86 72.86 72.86
3.08 1.98 2.07 1.84 1.76 2.14 2.17 3.02 3.09 3.10 2.73 2.75
10.83 11.72 13.07 10.43 9.41 7.28 7.36 5.94 4.54 4.11 4.29 4.37
10.87 11.09 12.00 14.87 15.97 17.72 17.60 18.18 19.50 19.93 20.12 20.02

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