State-run Mazagon Dock Shipbuilders has raised its revenue growth guidance for financial year 2024. The company now expects revenue growth of 12-15 percent for the current financial year, compared to the 10-12 percent it guided for earlier.
In an interaction with CNBC-TV18, the company’s managing director Sanjeev Singhal said that the current order book stands at Rs 39,000 crore as of June 30 and that this orderbook will continue for the next 4-5 years.
The company’s order book has been on a declining trend over the last five years, starting from over Rs 55,000 crore in financial year 2019 to Rs 39,000 crore currently.
Mazagon Dock had recently signed a Master Ship Repair Agreement with the US Government. The non-financial agreement is expected to open-up voyage repairs of US Navy Ships at Mazagon Dock.
At their peak of Rs 2,484 earlier this month, shares of Mazagon Dock were up over 15 times from their IPO price. The stock debuted on the bourses in October 2020 with an issue price of Rs 144.
The government still holds 84.8 percent stake in the company which is above the minimum shareholding norms of 75 percent. At its peak price, the excess government stake in Mazagon Dock was valued at well over Rs 4,100 crore. It is currently valued at around Rs 3,410 crore.
