Podcast
Questions and Answers
How many Scorpène submarines have been delivered as of now?
How many Scorpène submarines have been delivered as of now?
What is the target delivery date for the fourth destroyer under Project-15 Bravo?
What is the target delivery date for the fourth destroyer under Project-15 Bravo?
Which project is set to deliver three frigates in 2025-26 and 2026-27?
Which project is set to deliver three frigates in 2025-26 and 2026-27?
What key issue has been affecting the delivery of the submarines and destroyers?
What key issue has been affecting the delivery of the submarines and destroyers?
What future projects is the Navy considering according to the discussion?
What future projects is the Navy considering according to the discussion?
How many destroyers have been delivered under Project-15 Bravo?
How many destroyers have been delivered under Project-15 Bravo?
What is the status of the sixth Scorpène submarine?
What is the status of the sixth Scorpène submarine?
Who was responsible for outlining the shipbuilding projects?
Who was responsible for outlining the shipbuilding projects?
What is the expected time frame for making the new infrastructure operational?
What is the expected time frame for making the new infrastructure operational?
How many vessels can be accommodated simultaneously in the hard stands once the new infrastructure is operational?
How many vessels can be accommodated simultaneously in the hard stands once the new infrastructure is operational?
What is indicated about the existing yard capacity for construction?
What is indicated about the existing yard capacity for construction?
What is the primary purpose of the dry docking in the new infrastructure?
What is the primary purpose of the dry docking in the new infrastructure?
How will the additional capital expenditure (capex) impact the vessel handling capacity?
How will the additional capital expenditure (capex) impact the vessel handling capacity?
What is the significance of the P-75 add-on in the discussion?
What is the significance of the P-75 add-on in the discussion?
What determines the handling of submarines in the new infrastructure?
What determines the handling of submarines in the new infrastructure?
Which of the following best describes the future capability of the facility after the capex is implemented?
Which of the following best describes the future capability of the facility after the capex is implemented?
What was the opening remark made by Shri Sanjeev Singhal during the conference call?
What was the opening remark made by Shri Sanjeev Singhal during the conference call?
What was the first question posed by Amit Dixit from ICICI Securities?
What was the first question posed by Amit Dixit from ICICI Securities?
What was the maximum estimated quantum for the liquidated damages discussed?
What was the maximum estimated quantum for the liquidated damages discussed?
What is the status of the requests for submarine number one and number five?
What is the status of the requests for submarine number one and number five?
When does Sanjeev Singhal hope at least one of the submarine requests will be settled?
When does Sanjeev Singhal hope at least one of the submarine requests will be settled?
What was the overall performance trend mentioned by Sanjeev Singhal regarding the results published?
What was the overall performance trend mentioned by Sanjeev Singhal regarding the results published?
What did Sanjeev Singhal state regarding the reversal of liquidated damages for the quarter in question?
What did Sanjeev Singhal state regarding the reversal of liquidated damages for the quarter in question?
Which director role was held by Biju George?
Which director role was held by Biju George?
What is the primary method used for revenue recognition in shipbuilding and submarine projects?
What is the primary method used for revenue recognition in shipbuilding and submarine projects?
At what point does the company start recognizing profit on a project?
At what point does the company start recognizing profit on a project?
What distinguishes new build programs from small repair projects in terms of revenue recognition?
What distinguishes new build programs from small repair projects in terms of revenue recognition?
Which of the following is likely to cause a delivery of a project to be considered ahead of schedule?
Which of the following is likely to cause a delivery of a project to be considered ahead of schedule?
In regards to the 15 Bravo destroyer, what was indicated about its delivery status?
In regards to the 15 Bravo destroyer, what was indicated about its delivery status?
What complicates the delivery of the 17 Alpha project?
What complicates the delivery of the 17 Alpha project?
What action is expected to follow the delivery of the 17 Alpha submarine?
What action is expected to follow the delivery of the 17 Alpha submarine?
What type of projects are primarily impacted by the percentage of completion for revenue recognition?
What type of projects are primarily impacted by the percentage of completion for revenue recognition?
What is the estimated growth in revenue Sanjeev Singhal mentioned for the financial year 2024-2025?
What is the estimated growth in revenue Sanjeev Singhal mentioned for the financial year 2024-2025?
How much free cash does the company have according to Sanjeev Singhal?
How much free cash does the company have according to Sanjeev Singhal?
What is the proposed investment amount for capex plans over the next couple of years?
What is the proposed investment amount for capex plans over the next couple of years?
What was the focus of the discussion regarding margins?
What was the focus of the discussion regarding margins?
Which project is mentioned as the only one being executed in the next financial year?
Which project is mentioned as the only one being executed in the next financial year?
Which entity is referenced as having a significant impact on the company's accounts?
Which entity is referenced as having a significant impact on the company's accounts?
What purpose is the free cash primarily intended for according to the discussion?
What purpose is the free cash primarily intended for according to the discussion?
What was the operating cash flow for the first half of the year mentioned?
What was the operating cash flow for the first half of the year mentioned?
What does Sanjeev Singhal imply about the future generation of free cash?
What does Sanjeev Singhal imply about the future generation of free cash?
How many platforms is the company currently executing?
How many platforms is the company currently executing?
What type of orders contribute to delays in realizing payments?
What type of orders contribute to delays in realizing payments?
How does the performance of Goa Shipyard affect the company?
How does the performance of Goa Shipyard affect the company?
What is the company's current execution capacity for platforms?
What is the company's current execution capacity for platforms?
What is the primary income derived from Goa Shipyard?
What is the primary income derived from Goa Shipyard?
What is the nature of the delay mentioned in the cash flow?
What is the nature of the delay mentioned in the cash flow?
What project is being bid with TKMS?
What project is being bid with TKMS?
Study Notes
Investor Update Call Transcript
- Mazagon Dock Shipbuilders Limited (formerly Mazagon Dock Limited) held a Q2 FY'25 Investor Earnings Conference Call on November 5, 2024.
- The call was moderated by Ms. Jyoti Gupta of Nirmal Bang Equities.
- Key management included Mr. Sanjeev Singhal (Chairman & Managing Director) and Mr. Biju George (Director, Shipbuilding).
- The call discussed financial results, order pipeline, delivery schedules, and capacity expansion plans.
Q2 FY'25 Financial Results
- Financial results were consistent with recent performance.
- No reversal of liquidated damages was reported in Q2 FY'25.
- Total project value is expected at INR 300 crores maximum, depending on the evaluated attributes.
Order Pipeline & Delivery Schedules
- Several projects are underway, including P-75 Scorpène submarines and Project 15 Bravo destroyers.
- Target delivery dates for some projects are before December 2024.
- Issues with some submarine projects are being addressed.
- Future projects include next-generation corvettes and destroyers.
Capacity Expansion
- Plans for new capacity expansion are underway.
- Land acquisitions totaling approximately 180 meters x 60 meters and 40 acres are planned.
- The new capacity will support both shipbuilding and ship repair facilities.
- Increased capacity will allow for the construction of larger vessels.
Other Key Points
- The company is working on achieving the delivery dates for various projects, though some projects are behind schedule.
- The company is aiming for several export orders.
- There is an ongoing evaluation process for a number of projects in the pipeline.
- The financial performance of the company is encouraging.
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