Cochin Shipyard Limited Q4 FY24 Financial Results & Highlights PDF

SEC/48/2017-63 May 31, 2024 The Manager The Manager Compliance Department Compliance Department BSE Limited The National Stock Exchange of Indi...

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/COCHINSHIP Dear Sir/Madam, Subject: Investor Presentation – Q4 FY24 Financial Results and Highlights 1. Please find attached herewith the presentation on the Q4 FY24 Financial results and highlights for the purpose of dissemination of information widely to the members. 2. The above is for your information and record please. For Cochin Shipyard Limited Digitally signed by Syamkamal N Date: 2024.05.31 17:37:42 +05'30' Cochin Shipyard Limited आत्मनिर्भर र्ारत अभर्याि Investor Presentation Contents ▪ Important Operational Events for Q4 FY24 ▪ Financial Performance Q4 FY24 ▪ Infrastructure Augmentation ▪ Novel & Green Initiatives ▪ Order Book Position IMPORTANT OPERATIONAL EVENTS - Q4 FY 2024 TILL DATE 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 40T Bollard Pull ASD Tugs for Industrial Handling Pvt. Ltd. - April 2024 – Udupi Cochin Shipyard Limited (UCSL) secured an order for 1 no. of 70T Bollard Pull Tug for Polestar Maritime Limited. - May 2024 – CSL also bagged another order from the same European Client for the design and construction of a Hybrid SOV with an option for two more such vessels. The project is expected to be completed by the end 2026. 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 Repair Agreement (MSRA) with United States Navy. This will facilitate repair of US Naval vessels under Military Sealift Command in CSL. 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 Bollard Pull Tug, built for Ocean Sparkle Limited. - May 2024 – UCSL delivered 70T Bollard Pull Tug – ‘Konna Star’ built for Polestar Maritime Limited. 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 completed for a Zero Emission Feeder Container vessel being built for a European client. - February 2024 – Keel laying of three nos. of Hybrid Electric Catamaran Passenger vessels for Inland Waterways Authority of India (IWAI) was held HCSL. 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 Industrial Safety Award – 2023, instituted by the government of Kerala, reaffirming CSL’s commitment to excellence in safety within the realm of Very Large Factories (Engineering). - April 2024 – Keel laying of 1 no. of New Generation Diesel Electric 3800 DWT General Cargo vessel being built for Wilson Shipowning AS, Norway was held at UCSL. FINANCIAL PERFORMANCE Q4 FY24  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 Crs) 264.67 47.34 459% 813.10 334.49 143% 783.28 304.71 EPS (Rs) 10.06 1.80 459% 30.91 12.71 143% 29.77 11.58 PAT Margins (%) 22% 8% 163% 22% 14% 55% 20% 13% EBIDTA 365.57 65.12 461% 1,182.10 533.39 122% 1,178.76 522.31 *EBITDA (%) 30% 11% 164% 32% 23% 42% 31% 22% *Including other income  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% 3,830.45 2,364.56 Other Income 79.38 69.48 14% 307.38 206.49 49% 310.18 207.01 Total Income 1,304.87 646.45 102% 3,952.66 2,536.95 56% 4,140.63 2,571.57  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  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 %  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 %  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 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 & 8 :- Advanced stage of block fabrication Hybrid Electric BY 123-145: 23 vessels Catamaran Hull Vessels for KMRL 14 vessels delivered, 9 vessels under various stages of construction Planned to complete by Sep’24  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 vessels Service Operation Vessels Plate cutting done on 01 Sep’23 - Block Fabrication in progress 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 INFRASTRUCTURE AUGMENTATION 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. Total Project Cost Rs. 1,799.00 Cr. Expenditure incurred till date Rs. 1,312.49 Cr. Civil works such as dock floor, dock wall, caisson gate, pump Installation & commissioning of 600T Gantry Crane is house, sub-stations etc. is fully completed and the new Dry- progressing. The New Dry-dock is expected to be fully dock was inaugurated by the Hon’ble Prime Minister on operational after completion of above work by Aug 2024. January 17, 2024. New Dry Dock Project Recent Snapshots of New Dry-dock 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 Cr. Shiplift system, 2 workstations & afloat repair berths etc. is fully completed and the project was inaugurated by the Hon’ble Prime Minister on January 17, 2024. ISRF is expected to be fully operational after completion of allied works by Aug 2024. International Ship Repair Facility (ISRF) Project Recent snapshots of ISRF NOVEL & GREEN INITIATIVES 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 area for 50 pax Trials completed and sailed off from CSL to Design Speed – 9 Knots Varanasi on May 18, 2024. Fast Charging LTO Battery of ~ 120 kWh Target Completion : Dec 2023 – Nov 2024 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 use ❑ Seed Fund Scheme - Upto 50 L per start-up cases ‘Made in India & Made for the World’ ❑ Pilot Grant Scheme - Upto 100 L per start-up ❑ Equity Investment ORDER BOOK POSITION 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% 3. Commercial - Export 14 3,480 1258; 6% TOTAL 47 19,963 15225; 73% Sl. Order Name of the Subsidiary No. Value* 1. Hooghly Cochin Shipyard Limited (HCSL) 154 2. Udupi Cochin Shipyard Limited (UCSL) 805 Defence Commercial - Domestic 2789; 59% Commercial - Export Susbidiaries Green Vessels Conventional Vessels Total 959 Ship Repair Orders – Rs. 1,250 Crs. (Approx) *The order value given in the above tables is the balance amount of orders to be recognised. 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. Project (Rs. Crs.) 1. Vessels for Domestic clients 2,000 Govt. / RFP Stage Sl. Approx. Order Value No. Project (Rs. Crs.) Other project proposals - RFI/Mid Stage 1. Govt Projects 1,500 Rs. 50,000 Crs.