MAZAGON DOCK SHIP. 2022-23 Annual Report Analysis

Wed, 13 Sep

MAZAGON DOCK SHIP. has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

MAZAGON DOCK SHIP. Income Statement Analysis

• Operating income during the year rose 36.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 87.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 10.3% in FY23 as against 7.5% in FY22.
• Depreciation charges increased by 1.4% and finance costs decreased by 25.8% YoY, respectively.
• Other income grew by 67.4% YoY.
• Net profit for the year grew by 85.8% YoY.
• Net profit margins during the year grew from 9.8% in FY22 to 13.4% in FY23.

MAZAGON DOCK SHIP. Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	57,333	78,272	36.5%
Other income	Rs m	4,103	6,868	67.4%
Total Revenues	Rs m	61,436	85,140	38.6%
Gross profit	Rs m	4,285	8,025	87.3%
Depreciation	Rs m	745	756	1.4%
Interest	Rs m	149	111	-25.8%
Profit before tax	Rs m	7,493	14,027	87.2%
Tax	Rs m	1,862	3,566	91.5%
Profit after tax	Rs m	5,631	10,461	85.8%
Gross profit margin	%	7.5	10.3
Effective tax rate	%	24.9	25.4
Net profit margin	%	9.8	13.4

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MAZAGON DOCK SHIP. Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 241 billion as compared to Rs 252 billion in FY22, thereby witnessing an decrease of -4.1%.
• Current assets fell 2% and stood at Rs 261 billion, while fixed assets rose 5% and stood at Rs 29 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 290 billion as against Rs 293 billion during FY22, thereby witnessing a fall of 1%.

MAZAGON DOCK SHIP. Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	38,577	47,602	23.4
Current Liabilities	Rs m	251,839	241,399	-4.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	293,233	290,131	-1.1
Current assets	Rs m	265,294	260,852	-1.7
Fixed Assets	Rs m	27,939	29,279	4.8
Total Assets	Rs m	293,233	290,131	-1.1

MAZAGON DOCK SHIP. Cash Flow Statement Analysis

• MAZAGON DOCK SHIP.'s cash flow from operating activities (CFO) during FY23 stood at Rs 9 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 5 billion, an improvement of 55.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 11 billion from the Rs -194 million net cash flows seen during FY22.

MAZAGON DOCK SHIP. Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	-1,626	8,576	-
Cash Flow from Investing Activities	Rs m	3,264	5,083	55.7%
Cash Flow from Financing Activities	Rs m	-1,832	-2,180	-
Net Cash Flow	Rs m	-194	11,480	-

Current Valuations for MAZAGON DOCK SHIP.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 51.9, an improvement from the EPS of Rs 27.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,030.6, stands at 36.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.6 times, while the price to sales ratio stands at 5.2 times.
• The company's price to cash flow (P/CF) ratio stood at 10.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	284.3	388.1
TTM Earnings per share	Rs	27.9	51.9
Diluted earnings per share	Rs	27.9	51.9
Price to Cash Flow	x	7.6	10.5
TTM P/E ratio	x	8.6	36.7
Price / Book Value ratio	x	1.3	2.5
Market Cap	Rs m	51,673	117,636
Dividends per share (Unadj.)	Rs	8.7	16.0

Ratio Analysis for MAZAGON DOCK SHIP.

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY23, from 1.1x during FY22. 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 127.6x during FY23, from 51.2x during FY22. 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 22.0% during FY23, from 14.6% during FY23. 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 29.7% during FY23, from 19.8% during FY22. 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 3.6% during FY23, from 2.0% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	1.1	1.1
Debtors’ Days	Days	640	467
Interest coverage	x	51.2	127.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	2.0	3.6
Return on equity	%	14.6	22.0
Return on capital employed	%	19.8	29.7

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 424.9 to Rs 2,030.6, registering a gain of Rs 1,605.7 or around 377.9%.

Overall, the S&P BSE SENSEX is up 11.9% over the year.

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