MAZAGON DOCK SHIP. 2023-24 Annual Report Analysis

Mon, 9 Sep

MAZAGON DOCK SHIP. has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

MAZAGON DOCK SHIP. Income Statement Analysis

• Operating income during the year rose 20.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 77.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.0% in FY24 as against 10.3% in FY23.
• Depreciation charges increased by 10.0% and finance costs increased by 32.4% YoY, respectively.
• Other income grew by 60.4% YoY.
• Net profit for the year grew by 72.9% YoY.
• Net profit margins during the year grew from 13.4% in FY23 to 19.1% in FY24.

MAZAGON DOCK SHIP. Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	78,272	94,666	20.9%
Other income	Rs m	6,868	11,015	60.4%
Total Revenues	Rs m	85,140	105,681	24.1%
Gross profit	Rs m	8,025	14,212	77.1%
Depreciation	Rs m	756	831	10.0%
Interest	Rs m	111	147	32.4%
Profit before tax	Rs m	14,027	24,248	72.9%
Tax	Rs m	3,566	6,160	72.7%
Profit after tax	Rs m	10,461	18,089	72.9%
Gross profit margin	%	10.3	15.0
Effective tax rate	%	25.4	25.4
Net profit margin	%	13.4	19.1

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MAZAGON DOCK SHIP. Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 226 billion as compared to Rs 241 billion in FY23, thereby witnessing an decrease of -6.2%.
• Current assets fell 1% and stood at Rs 258 billion, while fixed assets rose 5% and stood at Rs 31 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 288 billion as against Rs 290 billion during FY23, thereby witnessing a fall of 1%.

MAZAGON DOCK SHIP. Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	47,602	62,435	31.2
Current Liabilities	Rs m	241,399	226,344	-6.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	290,131	288,490	-0.6
Current assets	Rs m	260,852	257,882	-1.1
Fixed Assets	Rs m	29,279	30,608	4.5
Total Assets	Rs m	290,131	288,490	-0.6

MAZAGON DOCK SHIP. Cash Flow Statement Analysis

• MAZAGON DOCK SHIP.'s cash flow from operating activities (CFO) during FY24 stood at Rs 7 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 14 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -4 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 17 billion from the Rs 11 billion net cash flows seen during FY23.

MAZAGON DOCK SHIP. Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	15,156	6,838	-54.9%
Cash Flow from Investing Activities	Rs m	-1,497	14,198	-
Cash Flow from Financing Activities	Rs m	-2,180	-4,485	-
Net Cash Flow	Rs m	11,480	16,551	44.2%

Current Valuations for MAZAGON DOCK SHIP.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 89.7, an improvement from the EPS of Rs 51.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 4,366.5, stands at 40.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 14.1 times, while the price to sales ratio stands at 9.3 times.
• The company's price to cash flow (P/CF) ratio stood at 16.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	388.1	469.4
TTM Earnings per share	Rs	51.9	89.7
Diluted earnings per share	Rs	51.9	89.7
Price to Cash Flow	x	11.9	16.7
TTM P/E ratio	x	12.8	40.2
Price / Book Value ratio	x	2.5	5.1
Market Cap	Rs m	117,636	316,648
Dividends per share (Unadj.)	Rs	16.0	27.5

Ratio Analysis for MAZAGON DOCK SHIP.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY24, from 1.1x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 166.3x during FY24, from 127.6x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 29.0% during FY24, from 22.0% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 39.1% during FY24, from 29.7% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 6.3% during FY24, from 3.6% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.1	1.1
Debtors’ Days	Days	467	712
Interest coverage	x	127.6	166.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	3.6	6.3
Return on equity	%	22.0	29.0
Return on capital employed	%	29.7	39.1

To see how MAZAGON DOCK SHIP. has performed over the last 5 years, please visit here.

MAZAGON DOCK SHIP. Share Price Performance

Over the last one year, MAZAGON DOCK SHIP. share price has moved up from Rs 2,209.4 to Rs 4,366.5, registering a gain of Rs 2,157.1 or around 97.6%.

Overall, the S&P BSE SENSEX is up 23.3% over the year.

(To know more, check out historical annual results for MAZAGON DOCK SHIP. and quarterly results for MAZAGON DOCK SHIP.)