Mazagon Dock Shipbuilders receives Navratna status from Department of Public Enterprises

In regard to a media report that claimed the company was in talks with the Ministry of Defence (MoD) for an order worth ₹35,000 crore, Mazagon Dock Shipbuilders clarified it had submitted the bid for three additional submarines under project P75. Submission of bid does not result in automatic bagging of an order, it said.

The firm stated that it had informed investors about the three additional submarines during the earnings calls.

During the fourth quarter of the fiscal year 2024, Mazagon Dock’s net profit jumped 103% year-on-year (YoY) to ₹663 crore. Revenue from operations rose 49% YoY to ₹3,104 crore during the quarter while total income rose 51% to ₹3,452 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 107% to ₹873 crore during the quarter while EBITDA margin improved to 16% from 9% a year ago.

For the full fiscal year 2024 (FY24), net profit rose 73.10% year-on-year (YoY) to ₹1,937 crore. The total income for the year grew 24.12% YoY to ₹10,568 crore while earnings before interest, tax, depreciation, and amortisation (EBITDA) was up 69.22% YoY to ₹2,513 crore. At the end of March 31, 2024, Mazagon Dock had an order book worth ₹38,561 crore.

The board of directors of the firm declared a final dividend of ₹12.11 per share in addition to an interim dividend of ₹15.34 per share in FY24.

Shares of the company have risen by nearly 81% since the beginning of the year. The stock has gained over 229% in the last one year.