Cochin Shipyard Limited · NSE:COCHINSHIP
Cochin Shipyard — Q4 FY24 Earnings Presentation
32 slides from Cochin Shipyard's earnings presentation, May 31, 2024
Slide 1: Cover letter to stock exchanges
SEC/48/2017-63 May 31, 2024 The Manager The Manager Compliance Department Compliance Department BSE Limited The National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower Exchange Plaza Dalal Street Bandra – Kurla Complex, Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Scrip Code/Symbol: 540678
Slide 2: Cochin Shipyard Limited Investor Presentation
Cochin Shipyard Limited आत्मनिर्भर र्ारत अभर्याि Investor Presentation
Slide 3: Contents
Contents ▪ Important Operational Events for Q4 FY24 ▪ Financial Performance Q4 FY24 ▪ Infrastructure Augmentation ▪ Novel & Green Initiatives ▪ Order Book Position
Slide 4: Important Operational Events - Q4 FY 2024 Till Date
IMPORTANT OPERATIONAL EVENTS - Q4 FY 2024 TILL DATE
Slide 5: Highlights – Orders
Highlights – Orders - January, 2024 – Contract signed with a European Client for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV). The vessel is to be delivered in 2026. - March 2024 – Hooghly Cochin Shipyard Limited (HCSL) secured an order for construction of 2 nos. of
Slide 6: Highlights – Orders
Highlights – Orders - May 2024 – UCSL bagged an order for construction of 3 nos. of 70T Bollard Pull Tugs for Ocean Sparkle Limited. - February 2024 – CSL entered into a contract with the Indian Navy for undertaking Medium Refits of Two Indian Naval Vessels. - April 2024 – CSL signed the Master Ship
Slide 7: Highlights – Vessels Delivered
Highlights – Vessels Delivered - February 2024 – Hon’ble Prime Minister flagged off India’s first indigenously built Hydrogen Fuel Cell Vessel. - February/ April 2024 – Delivered two nos. of Electric Hybrid 100 Pax Water Metro boats to Kochi Metro. - March 2024 – UCSL delivered ‘Ocean Splendour’ 62T
Slide 8: Highlights – Major Events
Highlights – Major Events - January 2024 – Hon’ble Prime Minister dedicated the International Ship Repair Facility (ISRF) and the world’s first stepped Dry-dock to the nation, marking a significant milestone in the augmentation of India’s Maritime capability. - February 2024 – Steel cutting complete
Slide 9: Highlights – Major Events
Highlights – Major Events - March 2024 – Maiden Surface run of High Endurance Autonomous Underwater Vehicle (HEAUV) meeting all the mission parameters were carried out successfully at CSL, International Ship Repair Facility (ISRF) Jetty, Kochi. - March 2024 – CSL secured the prestigious Kerala Indus
Slide 10: Financial Performance Q4 FY24
FINANCIAL PERFORMANCE Q4 FY24
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS Rs Crs Standalone Consolidated Particulars FY 24 Q4 FY 23 Q4 QoQ % FY 24 FY 23 YoY % FY 24 FY 23 Turnover (Rs Crs) 1,225.49 576.97 112% 3,645.28 2,330.46 56% 3,830.45 2364.55 Profit Before Tax (Rs Crs) 345.48 58.31 493% 1,093.62 448.51 144% 1,070.94 418.44 Profit After Tax (Rs C
Slide 12: Revenue Mix
REVENUE MIX Rs Crs Standalone Consolidated Particulars FY 24 Q4 FY 23 Q4 QoQ % FY 24 FY 23 YoY % FY 24 FY 23 Shipbuilding 924.60 436.61 112% 2,638.91 1,766.45 49% 2,824.09 1,792.97 Ship Repair 300.89 140.37 114% 1,006.38 564.01 78% 1,006.36 571.59 Turnover 1,225.49 576.97 112% 3,645.28 2,330.46 56%
Slide 13: Key Financial Parameters
KEY FINANCIAL PARAMETERS Standalone Consolidated Particulars FY 24 FY 23 FY 24 FY 23 Net worth (Rs Crs) 5025.87 4423.42 5003.34 4427.65 Book value / share (Rs) 191.04 168.14 190.18 168.30 Net Debt (Rs Crs) 23.02 125.82 23.02 132.87
Slide 14: Turnover (Rs Crs) & EBITDA Margins (%)
TURNOVER (Rs Crs) & EBITDA MARGINS(%) 4000 32% 32% 35% 28% 3645 28% 3190 3500 28% 3422 27% 30% 26% 2962 2819 24% 3000 2330 23% 25% 2500 2355 23% 2059 20% 1996 2000 1860 15% 1500 10% 1000 500 5% 0 0% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Turnover EBITDA Margins %
Slide 15: Profit After Tax (Rs Cr.) & PAT Margins (%)
PROFIT AFTER TAX (Rs Cr.) & PAT MARGINS (%) 900 22% 25% 813 800 22% 18% 19% 20% 700 17% 638 16% 610 16% 587 600 14% 15% 500 481 14% 13% 12% 12% 397 400 322 334 10% 300 275 235 185 194 200 5% 100 0 0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY 23 FY 24 PAT PAT Margins %
Slide 16: Return Efficiencies
RETURN EFFICIENCIES Net worth (Rs Crs), RoE (%)17% 16% 16% 16% 15% 5026 13% 14% 15% 14% 4423 4359 3978 12% 3732 3256 3332 8% 2029 1732 1561 1353 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Networth Return on Networth
Slide 17: Status of Vessels Under Construction
STATUS OF VESSELS UNDER CONSTRUCTION
Slide 18: Status of vessels under construction
Status of vessels under construction ASW SWC BY 523-530: 8 vessels Corvette for Indian BY 523-525: Vessel No.1,2 & 3 :- Launched on 30 Nov’23, Machinery outfitting under progress Navy BY 526-527: Vessel No.4 & 5 :- Keel laid on 08 Dec’23, Hull block erection under progress BY 528-530: Vessel No.6,7
Slide 19: Status of vessels under construction
Status of vessels under construction 7K Multipurpose SH 29-36: 8 vessels Vessel for European Clients SH 29 & 30 : Vessel 1& 2 :- Hull block erection and outfitting under progress Keel laid for all vessels SH 31-36 : Vessel 3 to 8 :- Under various stages of construction Commissioning BY 151-152: 2 ve
Slide 20: Status of vessels under construction
Status of vessels under construction 12000 Cu. M. SH 37: 1 vessel Trailer Suction Hopper Dredger Plate cutting done on 11 Dec’23 – Block Fabrication in progress Hydrogen Fuel Pilot Project. BY150: 1 vessel Cell Vessel Trials Completed, Vessel sailed off from CSL to Varanasi on 18 May 24
Slide 21: Infrastructure Augmentation
INFRASTRUCTURE AUGMENTATION
Slide 22: New Dry Dock Project
New Dry Dock Project ▪ Dock Size: 310m x 75/60m x 13m (Stepped Dry Dock) ▪ Design Life: 100 Years ▪ Draught of vessel – upto 9.5 m ▪ 600 T , 75 T and 40T Cranes ▪ Largest dry dock in India ▪ Suitable for LNG vessels, Aircraft Carriers, Jack-up Rigs, Drill ships, Large Tankers & Merchant vessels. Tot
Slide 23: New Dry Dock Project
New Dry Dock Project Recent Snapshots of New Dry-dock
Slide 24: International Ship Repair Facility (ISRF) Project
International Ship Repair Facility (ISRF) Project Land Area Marine area 16.254 ha 16.15 ha. ➢ Shiplift - 130 m LOA x 25 m Beam, Capacity:- 6000 T ➢ Transfer System ➢ 06 Work stations ➢ 1.25 Km Berth ➢ Floating gate ➢ 4 nos. Cranes Project Cost: Rs. 970 Crs. Expenditure incurred till date Rs. 797.45
Slide 25: International Ship Repair Facility (ISRF) Project
International Ship Repair Facility (ISRF) Project Recent snapshots of ISRF
Slide 26: Novel & Green Initiatives
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Slide 27: Zero emission Green Vessels
Zero emission Green Vessels H2 Fuel Cell Vessel Electric Catamaran Ferry Pilot Project by CSL 8 Nos contracted by IWAI • 100 Passenger Ferry Boat • Fully Indigenised ‘Home Grown Technology’ • 2 No. of vessels delivered to IWAI • 2 x 25 kWh H2 Fuel Cell, 6 kWh Solar Plant • Air conditioned passenger
Slide 28: Maritime Start Up Engagement Programme USHUS; Autonomous Surface Vessel
CSL’s Maritime Start Up Engagement Programme Autonomous Surface Vessel “USHUS” – Nurturing Aspirations Pilot Project SWAYAT Review and Recommending Agencies • Rs 50 Crores initial corpus • Fully indigenous, IRS class approved scalable • Three types of funding solution catering commercial and defence
Slide 29: Order Book Position
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Slide 30: Order Book Position – Rs. 22,000 Crs. (Approx.)
Order Book Position – Rs. 22,000 Crs. (Approx.) { Healthy – Clear Visibility on Revenue } (Rs. Crore) Sl. Order Project Category No. of Vessels No. Value* Total Order Book Position Green compliment 1. Defence 15 15,225 Commercial Segment 959; 4% 1949; 41% 2. Commercial - Domestic 18 1,258 3480; 17%
Slide 31: Shipbuilding Order Pipeline/Possibilities – Rs. 10,000 Crs. (Approx.)
Shipbuilding Order Pipeline/Possibilities – Rs. 10,000 Crs. (Approx.) Commercial – Export Sl. Approx. Order Value Rs. Project Rs. 6,500 No. (Rs. Crs.) 2,000Crs. Crs. (Com. (Com. 1. Vessels to foreign clients 6,500 Exp.) Dom.) Commercial – Domestic Rs. 1,500 Crs. (Govt.) Approx. Order Value Sl. No. P
Slide 32: Thank You