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Thursday, September 15, 2011

Pipavav Defence & Offshore Engineering Company:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view/outlook

Scripscan:Pipavav Defence & Offshore Engineering Company Ltd
Traded in:Nse-bse

Story:Still recognized as Pipavav Shipyard, the company recently announced a JV with Mazgaon Dock for defence orders such as building warships for the Indian Navy. The company has stated that this is the first time, post independence that a private sector company has been selected by the Ministry of Defence to build warships together, which will result in speeding up the delivery of warships to the Indian Navy.The company is slowly but surely building up on its own fundamental arsenal too!Financially, after a spate of losses, the company has turned around.For Q1FY12, the total income of the company on a YoY, rose 83% at Rs.345 crore. And despite a 66% rise in expenditure, its EBIDTA was up 194%at Rs.73 crore. EBIDTA margin was up from 13.2% to 21.2% (YoY).It ended the quarter with a PAT of Rs.7.94 crore as against a loss of Rs.9.79 crore in Q1FY11. Completion of orders of Panamax vessels led to the booking of additional revenue.Increased capacity utilization and effective processes also helped shore up the profits.The company recently issued Rs.156 crore worth of warrants to Rakesh Jhujhunwala, other investors and the company’s promoters. News is also around that Shipping Corporation of India might pick up a 10-15% stake in the company. As at 31st March 2011, its debt stood Rs.2,020 crore and this equity infusion will help to some extent.It is also building another dry dock for which it plans t raise another Rs.1300 crore. The good part is that the new business model of the company – to focus more on defence and offshore orders makes sense and will be more lucrative and stable than commercial ship building alone.This is one scrip to watch out folks.Keep it in your radar.

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