Cochin Shipyard Limited · NSE:COCHINSHIP
Cochin Shipyard — FY2023 Earnings Presentation
28 slides from Cochin Shipyard's earnings presentation, May 26, 2023
Slide 1: Exchange filing letter: Investor Presentation FY23 Financial Results and Updates
SEC/48/2017-63 May 26, 2023 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 – May 2023
Cochin Shipyard Limited आत्मनिर्भर र्ारत अभर्याि Investor Presentation – May 2023
Slide 3: Contents
Contents ▪ Important Operational Events for FY 2023 ▪ Financial Performance FY 23 ▪ Clarifications on Financial Results FY23 ▪ Infrastructure Augmentation ▪ Novel & Green Initiatives ▪ People Orientation ▪ Opportunities Chintan Shivir – May 2023 ▪ Order Book Position
Slide 4: Important Operational Events for FY 2023
IMPORTANT OPERATIONAL EVENTS FOR FY 2023
Slide 5: Highlights – Shipbuilding: Delivery
Highlights – Shipbuilding DELIVERY ✓ Final lot of 3 Floating Border Out-Post (FBOPs) Vessels out of total 9 to MHA, GOI ✓ 7 Electric Hybrid 100 Pax Water Metro Boat to KMRL ✓ One 500 Pax vessel for A&N Administration ✓ 2 Autonomous Electric Barges for ASKO Maritime AS, Norway {Full-Electric Transpor
Slide 6: Highlights – Shipbuilding: Others
Highlights – Shipbuilding OTHERS ✓ Launched one 1200 Pax Cum 1000 MT Cargo Vessel for A&N Administration ✓ ‘Steel Cutting’ of 3 Anti-Submarine Warfare Shallow Water Crafts (ASWSWCs) – being built for the Indian Navy (IN) ✓ ‘Keel Laying’ of 3 ASWSWC for IN ✓ ‘Steel Cutting’ of 8 7000 DWT Multipurpose
Slide 7: Financial Performance FY 23
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Slide 8: Financial Highlights
Financial Highlights Standalone Consolidated Particulars FY 23 Q4 FY 22 Q4 QoQ % FY 23 FY 22 YoY % FY 23 FY 22 Turnover (Rs. Crs.) 576.97 1,211.40 -52% 2,330.46 3,190.00 -27% 2,364.55 3,190.95 Profit Before Tax (Rs. Crs.) 58.31 386.30 -85% 448.51 794.39 -44% 418.44 765.94 Profit After Tax (Rs. Crs.)
Slide 9: Income
Income Rs. Crs. Standalone Consolidated Particulars FY 23 Q4 FY 22 Q4 QoQ % FY 23 FY 22 YoY % FY 23 FY 22 Total Shipbuilding income 436.61 959.14 -54% 1,766.45 2,511.48 -30% 1,792.97 2,512.01 Ship Repairs 140.36 252.27 -44% 564.01 678.52 -17% 571.58 678.94 Turnover 576.97 1,211.40 -52% 2,330.46 3,19
Slide 10: Clarifications on Financial Results FY23
CLARIFICATIONS ON FINANCIAL RESULTS FY23
Slide 11: Unforeseen Challenges
Unforeseen Challenges Market was not ready due to uncertainities and not placing orders after COVID COVID Pandemic setback Situation improved only by late FY22 Secured 8 MPVs during end FY22 only Not translated into Revenue during FY23 Challenges during Bagged first set of order for MPVs from Europe
Slide 12: Unforeseen Challenges
Unforeseen Challenges Contract effectiveness was originally envisaged by end Apr 22 Trailing Suction Hopper Dredger However, procedure involved in owner securing overseas funding led to delays in financial closure (TSHD) Consequently, contract effective only by Nov 22 Delayed the engineering and con
Slide 13: Change in ASW estimates
Change in ASW estimates • ASW is a project with a significantly higher component of equipment costs in comparison to the overall cost of the ship. This is very different from conventional shipbuilding. No past comparable reference templates. • With growth in construction activity during FY 22-23, cl
Slide 14: Ship Repair
Ship Repair FY23 Performance Analysis 1. Missed out on few major orders, which CSL had envisaged for FY23. 2. Re-entry into bulk carrier repair segment. 3. MoU with UTL vessels expired. Renewed only in March 2023. 4. Challenges in execution of first major Naval refit at CMSRU 5. Reduction in revenue
Slide 15: Infrastructure Augmentation
INFRASTRUCTURE AUGMENTATION
Slide 16: 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 17: 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. 662.80
Slide 18: Novel & Green Initiatives
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Slide 19: Zero emission Green Vessels
Zero emission Green Vessels H2 Fuel Cell Vessel Electric Catamaran Ferry Pilot Project by CSL 2 Nos contracted by IWAI • 100 Passenger Ferry Boat • Air conditioned passenger area for 50 pax • Fully Indigenised ‘Home Grown Technology’ • Design Speed – 9 Knots • 2 x 25 kWh H2 Fuel Cell, 6 kWh Solar Pl
Slide 20: Maritime Start Up Engagement Programme USHUS and 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 21: People Orientation
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Slide 22: People Orientation
People Orientation Cultural Competencies of CSL Investment for Growth & Success Best Manpower ➢ Leadership accelerated programs viz., ➢ Workforce enhancement in FY 2022-23 YOCDP, SCDP, training in IIMs & other – 1498: 0 0 premium institutions ➢ Igniting Minds Regular – 411; On contract – 798 ➢ About
Slide 23: Opportunities Chintan Shivir – May 2023
OPPORTUNITIES CHINTAN SHIVIR – MAY 2023
Slide 24: Opportunities – Chintan Shivir – May 2023: Positives
Opportunities – Chintan Shivir – May 2023 Enhancement of Shipbuilding Financial Assistance to 30% for the Positives promotion of Green Shipping (details awaited) Under the Green Tug Transition Programme 4 Major ports to procure two tugs each CSL is well poised to tap the potential in Green Shipping
Slide 25: Order Book Position
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Slide 26: Shipbuilding Order Book Position (As on March 2023)
Shipbuilding Order Book Position (As on March 2023) – Rs. 21400 Crs. (Approx.) { Healthy – Clear Visibility on Revenue } (Rs. Crore) Sl. No. of Order Sl. Subsidiaries Project Name of the Subsidiary Order Value* No. Vessels Value* No. Defence Post Commission works of Indigenous 1. Hooghly Cochin Ship
Slide 27: Shipbuilding Order Pipeline/Possibilities
Shipbuilding Order Pipeline/Possibilities – Rs. 9245 Crs. (Approx.) Commercial – Export Defence/ RFP Stage Sl. No. of Approx. Order Value Sl. No. of Approx. Order Value Project Project No. Vessels (Rs. Crs.) No. Vessels (Rs. Crs.) Commissioning Service Operation 1. Fast Patrol Vessels (FPV) 14 630 1
Slide 28: Thank You