The shipbuilding giant, Mazagon Dock Shipbuilders Ltd, in its Q2 earnings report, hinted at its upcoming positive export developments in the next two months.
Mazagon Dock had forayed into the export market in 2019 and as of the end of the financial year 2023, exports contributed only 3% to the company's overall topline. This positive development might be a small order but this definitely will provide Mazagon a foothold in the export market segment.
Mazagon Dock is a shipbuilding and offshore fabrication yard. The company's major activities include shipbuilding, ship repairs, and fabrication of offshore structures. It provides warships, merchant ships, submarines, support vessels, offshore platforms, passenger cum cargo vessels, trawlers, main and helidecks, and barges.
For the September quarter, it reported revenue of operations worth Rs 1,827 crore, which is higher than the Rs 1,702 crore during the same quarter last year.
The net profit for the period also increased to Rs 332.9 crore, compared to Rs 213.9 crore in the year-ago quarter, while the operating profit, or EBITDA, for the quarter, increased by 50% year-on-year to Rs 176.7 crore.
Mazgaon Dock has been delivering its project ahead of schedule. For example, it received an order from Coast Guard, worth Rs 310 crore, recently, which it delivered ahead of schedule. Moreover, the company has also delivered three out of four destroyers five months ahead of schedule.
Mazgaon Dock has been among the more successful IPOs from the government, since its listing three years ago. The stock is up more than 14x from its IPO price.
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