Cochin Shipyard Ltd

- No explicit mention of any new fundraising through debt or equity in the provided transcript. - The company has a total cash position of Rs.1950 crore as of June 30. - Out of this, Rs.118 crore came from IPO proceeds, and Rs.1100 crore of own funds are earmarked for two CAPEX projects. - The company has revised its CAPEX downwards from Rs.600 crore to Rs.290 crore due to COVID-19 but plans to fund this internally. - There are no indications of further equity or debt raising plans discussed during the call. - Liquidity and working capital appear manageable with collections from Navy recently starting, reducing any immediate need for external fundraising.

- Current CAPEX guidance is about Rs. 290 crore for the year, revised down from Rs. 600 crore due to COVID-19 related delays and labor issues. - Major CAPEX projects include the Integrated Ship Repair Facility (ISRF) and a new Dry Dock (300 meters) aimed at expanding ship repair capacity and attracting large international commercial vessels. - CAPEX progress has been slow due to migrant labor shortages, local curfews, and supply chain issues. - The company is restructuring and upgrading Tebma Shipyard after acquiring it, with plans to start operations and revenue generation 4-5 months post takeover (expected by mid to end September). - Strategic focus includes increasing indigenous procurement (working with BEL) to mitigate forex risks and align with Atmanirbhar Bharat policy. - The new Dry Dock and enhanced repair facilities aim to tap into international markets, especially targeting commercial vessels passing India.

- Ship repair business is expected to grow at 20-25% CAGR for the next 3 years, reaching Rs. 1000-1200 crore turnover. - Beyond 3 years, ship repair growth is expected to sustain around 12-15% CAGR over a decade, potentially reaching Rs. 2500 crore by 2030. - Overall ship repair turnover guidance for FY21 is Rs. 500-550 crore. - The company targets at least flat to near last year's revenue for FY21 due to COVID disruptions, deviating from earlier ~12% growth guidance. - Order book currently provides visibility for about 3 years, with efforts ongoing to secure bigger orders to extend visibility. - Export shipbuilding segment is being focused on, especially with technological innovations like autonomous vessels, aiming for growth in international business. - New dry dock capacity aims to attract larger international commercial vessels for ship repair, expanding business prospects.

- Ship repair business expected to grow at 20-25% annually over next 3 years, reaching Rs. 1000-1200 crore turnover (Jose V J). - Beyond 3 years, growth in ship repair anticipated around 12-15% compound annual growth rate over a decade (Jose V J, Rajesh Gopalakrishnan). - EBITDA margin expected to steady around 25%, with some quarters possibly near 19%-21% due to pandemic impacts (Jose V J). - Ship repair EBITDA margin expected to sustain around 25% long term (Jose V J). - Overall revenue growth targeted 12% annually, but FY21 may see flat or no growth due to COVID-19 disruptions (Jose V J). - Increase in international ship repair and export focus planned, possibly slightly lower margins but faster turnarounds (Rajesh Gopalakrishnan). - Post-COVID ramp-up and operational improvements expected to help sustain last year’s earnings levels (Rajesh Gopalakrishnan).

- Current order book value: Approximately Rs. 14,000 crore, sufficient for around three years of work. - ASW (Anti-Submarine Warfare) backlog: Rs. 6,311 crore. - Indian Navy order backlog: Around Rs. 12,500 crore. - Revenue recognition from ASW backlog expected to start from Q3 FY21; Rs. 150 crore expected this year, around Rs. 1000 crore per year for next three years. - Navy orders typically yield Rs. 2,000 - 3,000 crore revenue annually over next three years. - IAC (Indigenous Aircraft Carrier) order: Rs. 6,000 crore total; Rs. 4,000 crore booked during pre-delivery phase and Rs. 2,000 - 2,500 crore post-delivery. - Shipbuilding backlog split: Cost plus Rs. 3,800 crore; fixed price Rs. 2,470 crore. - The company actively bidding for new projects worth about Rs. 10,000 crore. - Focus on adding large orders for future visibility beyond the existing 3-4 year order book horizon.