COCHIN SHIPYARD Announces Quarterly Results (1QFY22); Net Profit Down 30.8%

Wed, 11 Aug

COCHIN SHIPYARD has announced its results for the quarter ended June 2021. Here is a detailed performance review of the same:

COCHIN SHIPYARD Quarterly Financials

No. of Mths Qtr. Ending		3 Jun-20*	3 Mar-21*	3 Jun-21*	QoQ Change	YoY Change
Net Sales	Rs m	3,325	10,803	3,294	-69.5%	-0.9%
Other income	Rs m	640	679	458	-32.5%	-28.4%
Turnover	Rs m	3,965	11,482	3,752	-67.3%	-5.4%
Expenses	Rs m	3,160	8,228	3,085	-62.5%	-2.4%
Gross profit	Rs m	165	2,702	227	-91.6%	38.1%
Depreciation	Rs m	121	169	171	1.0%	41.1%
Interest	Rs m	115	167	118	-29.4%	2.8%
Profit before tax	Rs m	569	3,045	397	-87.0%	-30.2%
Tax	Rs m	154	683	110	-83.8%	-28.6%
Profit after tax	Rs m	414	2,362	287	-87.9%	-30.8%
Gross profit margin	%	5.0	25.0	6.9
Effective tax rate	%	27.1	22.4	27.8
Net profit margin	%	10.5	20.6	7.6

Year-on-Year Performance:

• The company's operating income during the quarter fell 0.9% on a year-on-year (YoY) basis. The expenses were down by 2.4% YoY during the same period.
• The company's operating profit increased by 38.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 6.9% in 1QFY22 as against 5.0% in 1QFY21.
• Depreciation charges increased by 41.1% and finance costs increased by 2.8% YoY, respectively.
• Other income declined by 28.4% YoY during the quarter.
• Net profit for the quarter declined by 30.8% YoY. Net profit margins during the quarter declined from 10.5% in 1QFY21 to 7.6% in 1QFY22.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter fell 69.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 62.5% QoQ during the same period.
• The company's operating profit declined by 91.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 6.9% in 1QFY22 as against 25.0% in 4QFY21.
• Net profit for the quarter declined by 87.9% QoQ, while net profit margins declined from 20.6% in 4QFY21 to 7.6% in 1QFY22.

To see how COCHIN SHIPYARD has performed over the last eight quarters,please visit here.

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COCHIN SHIPYARD Share Price Performance

Over the last one year, COCHIN SHIPYARD share price has moved up from Rs 353.0 to Rs 355.9, registering a Gain of Rs 2.9 or around 0.8%.

Overall, the S&P BSE SENSEX is up 42.5% over the year.

Current Valuations

At the current price of Rs 355.9, the price to earnings (P/E) ratio of COCHIN SHIPYARD stands at 7.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.3 times.