Mazagon Dock Shipbuilders clocked strong earnings in the fourth quarter of financial year 2022-23. Revenues are 49 percent higher at Rs 2,078 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) nearly tripled to Rs 211 crore versus Rs 77 crore year on year. EBITDA margins doubled to 10.1 percent versus 5.5 percent in the corresponding quarter of last year.

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Net profits more than doubled to Rs 326 crore versus Rs 159 crore in the same quarter of last year. Other income rose to Rs 211 crore versus Rs 129 crore year on year. The stock rose 3.5 percent in the last 10 minutes of trade on May 30 when the company declared its fourth quarter earnings.

The company clocked 37 percent growth in revenues for full year FY23, exceeding its own guidance of 25 percent. Net profits for full year grew to Rs 1,119 crore compared with Rs 611 crore in FY22.

The defence equipments producer recommended a final dividend of Rs 6.86 per equity share. This is in addition to interim dividend of Rs 9.10 per equity share paid for the year.

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Mazagon Dock Shipbuilders was first constructed in 1774 as a small dry dock and incorporated as a Private Limited Company in 1934 which was taken over by the Government of India in 1960. The company is among the only Indian Shipyard capable of building Destroyers and Conventional Submarines. The primary customers of this company are Indian Navy and the Indian Coast Guard.

Some of the major warships built and delivered are 8 destroyers, 12 frigates, 3 corvettes, 4 missile boats, 7 offshore patrol vessels and 7 submarines. The company is looking at increasing its revenue contribution from repair business to 5 percent.

(Edited by : Vahishta Unwalla)