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 5,084 Cr.
  • Current Price 252
  • High / Low 296 / 164
  • Stock P/E 8.02
  • Book Value 170
  • Dividend Yield 2.87 %
  • ROCE 22.8 %
  • ROE 18.8 %
  • 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 31.12%

Cons

  • The company has delivered a poor sales growth of -0.23% over past five years.
  • Earnings include an other income of Rs.515.84 Cr.

Peer comparison

Sector: Ship Building Industry: Miscellaneous

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,113 951 1,811 1,043 384 1,100 1,461 1,103 1,214
995 928 1,665 1,071 368 1,027 1,369 1,060 1,144
Operating Profit 117 23 146 -27 16 73 92 43 70
OPM % 11% 2% 8% -3% 4% 7% 6% 4% 6%
Other Income 137 153 135 121 6 81 88 273 74
Interest 2 2 2 2 2 2 2 2 2
Depreciation 16 19 14 20 7 18 18 17 17
Profit before tax 236 155 266 71 14 133 160 297 125
Tax % 70% 51% 29% 41% -3% 39% 20% 22% 26%
Net Profit 84 103 209 75 14 99 141 259 102
EPS in Rs 3.70 0.69 4.93 7.01 12.85 5.04

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
4,094 3,505 4,457 4,614 4,905 4,048 4,878
3,874 3,375 4,300 4,353 4,642 3,822 4,600
Operating Profit 221 129 157 261 263 226 278
OPM % 5% 4% 4% 6% 5% 6% 6%
Other Income 761 766 565 617 546 448 516
Interest 16 17 20 36 13 11 8
Depreciation 44 39 52 64 69 60 70
Profit before tax 922 839 650 778 727 604 716
Tax % 39% 37% 39% 40% 48% 25%
Net Profit 596 585 496 532 471 514 601
EPS in Rs 23.33 25.48 29.83
Dividend Payout % 17% 34% 49% 19% 46% 28%
Compounded Sales Growth
10 Years:%
5 Years:0%
3 Years:-3%
TTM:16%
Compounded Profit Growth
10 Years:%
5 Years:0%
3 Years:7%
TTM:27%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:%
Return on Equity
10 Years:%
5 Years:18%
3 Years:17%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
199 249 224 224 202 202
Reserves 2,442 2,730 2,610 2,993 2,858 3,230
Borrowings 0 0 0 0 0 0
16,386 16,366 16,540 17,633 17,883 21,709
Total Liabilities 19,028 19,345 19,374 20,850 20,943 25,140
368 546 705 810 836 807
CWIP 170 98 85 89 80 80
Investments 324 376 429 431 484 519
18,166 18,324 18,154 19,520 19,542 23,735
Total Assets 19,028 19,345 19,374 20,850 20,943 25,140

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
746 -1,003 491 65 -96 68
560 493 348 417 454 348
-119 -245 -608 -126 -605 -160
Net Cash Flow 1,188 -755 231 356 -246 257

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 82 78 91 117 107 87
Inventory Days 622 782 559 533 688 1,142
Days Payable 160 174 353 410 704 1,234
Cash Conversion Cycle 544 685 297 240 91 -4
Working Capital Days -575 -608 -431 -444 -312 -607
ROCE % 30% 23% 27% 24% 23%

Shareholding Pattern

Numbers in percentages

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

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