State-run defence PSU Mazagon Dock Shipbuilders reported results for the March quarter after market hours on Thursday, May 29. The numbers for the fourth quarter were dented due to higher expenses. However, the company has surpassed its full-year guidance on the revenue and margins front.
For the fourth quarter, Mazagon Dock’s revenue went up by 2.3% to ₹3,174 crore from the ₹3,103 crore it had reported during the same quarter last year.
Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) declined by 83% on a year-on-year basis to ₹89 crore, while margins narrowed to 2.82% from 16.9% last year.
The company’s net profit also halved from the year-ago period to ₹325 crore from ₹662 crore.
Mazagon Dock’s operational performance during the March quarter was dented by higher expenses, with sub-contracting expenses seeing a near 10-fold jump from the same quarter last year. Sub-contract expenses during the quarter stood at ₹590 crore compared to ₹63.5 crore in the base quarter.
