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Cochin Shipyard Ltd. ended fiscal 21 with an outstanding performance in the fourth quarter, where sales and operating margin exceeded our estimates.
The ship repair segment, which has been lagging behind since Covid-19, has now delivered strong revenues and margins, boosting the overall performance of the company.
The company declared a dividend of 2.5 rupees per share during the quarter.
Revenue for the quarter was Rs 1,080.3 crore (vs. our estimate of Rs 975 crore), up 32.3% year-on-year, 44.3% QoQ.
Gross margin contracted by approximately 411 basis points year-on-year, 2,150 basis points in QoQ (year-on-year being a higher basis, QoQ being a one-time exception).
However, from a broader perspective, gross margins were in their middle range.
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