Mazagon Dock Shipbuilders Ltd

About

Mazagon Dock Shipbuilders Ltd is primarily engaged in building & repairing of ships, submarines and various types of vessels and related engineering products for various domestic and international clients.[1]
It was incorporated as a Pvt. company in 1934 and was taken over by the Government of India in 1960.[2]

Key Points

Leading Shipbuilding Yard in India
The company is a leading player in shipbuilding Industry of India. Since 1960, It primarily manufactures for the defense sector and has built 795 vessels including 25 warships ranging from advanced destroyers to missile boats and 3 submarines.
It has also delivered cargo ships, passenger ships, supply vessels, water tankers, tugs, dredgers, fishing trawlers, barges & border for various customers in India and abroad.[1]
It is the only shipyard to have build destroyers and conventional submarines for the Indian Navy and also one of the initial shipyards to manufacture Corvettes in India.[2]

See full details
  • Market Cap 5,399 Cr.
  • Current Price 268
  • High / Low 296 / 165
  • Stock P/E 9.13
  • Book Value 145
  • Dividend Yield 2.70 %
  • ROCE 28.5 %
  • ROE 20.9 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 34.32%

Cons

  • The company has delivered a poor sales growth of -0.39% over past five years.
  • Contingent liabilities of Rs.2301.67 Cr.
  • Earnings include an other income of Rs.541.94 Cr.

Peer comparison

Sector: Ship Building Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
951 1,811 1,043 384 1,100 1,461 1,103 1,214
928 1,665 1,071 368 1,027 1,369 1,060 1,144
Operating Profit 23 146 -27 16 73 92 43 70
OPM % 2% 8% -3% 4% 7% 6% 4% 6%
Other Income 160 135 145 6 86 109 273 74
Interest 2 2 2 2 2 2 2 2
Depreciation 19 14 20 7 18 18 17 17
Profit before tax 162 266 96 14 138 181 297 125
Tax % 49% 29% 31% -3% 38% 18% 22% 26%
Net Profit 83 189 66 14 86 149 231 93
EPS in Rs 3.29 0.69 4.28 7.37 11.43 4.60

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
4,127 3,530 4,475 4,614 4,905 4,048 4,878
3,910 3,403 4,325 4,353 4,642 3,822 4,600
Operating Profit 217 126 149 261 263 226 278
OPM % 5% 4% 3% 6% 5% 6% 6%
Other Income 760 765 612 664 600 491 542
Interest 4 4 14 36 36 28 8
Depreciation 44 39 50 64 69 60 70
Profit before tax 929 848 697 825 758 630 742
Tax % 39% 37% 37% 37% 46% 24%
Net Profit 568 533 440 517 408 480 558
EPS in Rs 20.25 23.78 27.68
Dividend Payout % 18% 37% 56% 19% 53% 30%
Compounded Sales Growth
10 Years:%
5 Years:0%
3 Years:-3%
TTM:16%
Compounded Profit Growth
10 Years:%
5 Years:0%
3 Years:9%
TTM:31%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:59%
Return on Equity
10 Years:%
5 Years:19%
3 Years:19%
Last Year:21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
199 249 224 224 202 202
Reserves 2,124 2,360 2,198 2,568 2,380 2,717
Borrowings 0 0 0 0 0 0
16,384 16,363 16,502 17,633 17,883 21,709
Total Liabilities 18,707 18,971 18,925 20,425 20,465 24,628
368 546 646 810 836 807
CWIP 170 98 85 89 80 80
Investments 6 6 6 6 6 6
18,164 18,321 18,187 19,520 19,542 23,735
Total Assets 18,707 18,971 18,925 20,425 20,465 24,628

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
288 -1,009 442 65 -96 68
516 494 392 417 454 348
-120 -240 -603 -126 -605 -160
Net Cash Flow 683 -755 231 356 -246 257

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 81 77 90 117 107 87
Inventory Days 586 687 514 541 688 1,142
Days Payable 151 153 324 416 704 1,234
Cash Conversion Cycle 516 611 280 241 91 -4
Working Capital Days -571 -604 -428 -444 -312 -607
ROCE % 35% 28% 33% 30% 29%

Shareholding Pattern

Numbers in percentages

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
100.00 84.83 84.83 84.83 84.83
0.00 0.62 0.70 0.67 0.92
0.00 1.22 0.79 0.47 0.43
0.00 13.33 13.68 14.04 13.83

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