Marine Electricals (India) Ltd. announces impressive results; total comprehensive income grows 383 percent

Marine Electricals (India) Limited (NSE: MARINE), an integrated technical solution provider in the field of electrical automation, announced results for the Quarter & Year ended March, 2021.

The key highlights of the result is as under:

Consolidated Financial Performance

Yearly Financial Performance Highlights:

Consolidated Income of Rs. 259 crores in FY21; EBITDA of Rs. 35 crores with an EBITDA margin of 13.5% in FY21. PAT stands at Rs. 13.5 crores in FY21, Y-o-Y growth of 130%.

Consolidated Revenue from Electrical Segment is Rs. 233 Crores and EBIT of Rs. 23.6 Crs, YoY growth of 10% while Revenue from Solar Segment is Rs. 17.9 Crs and EBIT loss of Rs. 4.9 Crs.

Board has recommended a maiden dividend of 10% of Face Value (Rs. 0.20 per equity share) for FY 2021.

Order Book:

Total order book of the Company as on 31st March 2020 stands at Rs. 441 crores. Total Orderbook includes orders of Rs. 288.6 Crs. from Marine Segment and Rs. 152.7 Crs from Industrial segments. Some of the key orders received during the year are as follows:

Received an order for the supply of Integrated Bridge Systems with all Sub-Systems (IBS) for 7 in nos. P17A Nilgiri-class Stealth Frigates for Indian Navy from Mazagon Dock Shipbuilders Limited and Garden Reach Shipbuilders & Engineers Ltd, amounting to Rs. 137.55 crore

Received an order of Rs. 81.18 Crore from Garden Reach Shipbuilders & Engineers (GRSE) for the supply & service of Integrated Bridge System (IBS) for Anti-submarine Warfare Shallow Water Craft (ASW SWC) Project

Received an order of Rs. 20 crore for Design & Supply of Power Distribution Busducts for Tata Projects Limited and Design and supply of Power Distribution Panels

Received an order from Bridge Datacentres (Mumbai) LLP for the supply of LV & MV Switchboards package for Project Byte, amounting to Rs. 25.5 crore

Commenting on financial performance, Vinay Uchil, Chairman & Executive Director, said, "We are very delighted to announce our maiden Dividend in unprecedented challenging year. Our financial performance reflects improvement in operating margin in electrical business.

Despite all challenges we faced in last year, we are happy that we have completed the NLC Solar Project and commissioned the same. We have taken strategic decision to focus on our Electrical business which is providing significant opportunity in Marine as well as Industrial Segment.

The Indian shipyards have seen strong traction in last few years in terms of order intake and with the renewed thrust of the Government, order inflows for shipyards expected to be quite strong for construction of new vessels in next few years. As an approved vendor and Tier-I supplier with in the Marine electrical ecosystem, this augurs well for MEL as it provides strong visibility of orders with progress of ship constructions at shipyards. With current orderbook and robust outlook for potential orders, MEL is well placed to drive strong Revenue and profitability growth on the back of the Marine segment.

We are witnessing increasing momentum in inquiries post the Government push for 'Make in India' program. We believe this momentum will further pick up with large corporates and MNCs commence putting up their facilities in India. We are quite excited about Industrial Business Segment and we are ready to capture the increasing demand going forward."

Marine Electricals is one of the leading players offering comprehensive electrical solutions to Marine Segment as well as other Industries. With more than 40 years of experience, Marine has shown strong capabilities to move up the value chain from being a mere product supplier to a complete solution provider.

Marine has achieved feat of approved vendor with all major shipbuilders in India as well as the Middle East and competes as among the top 3 suppliers for most of Low Voltage Product or Solution to Shipyards. Marine offers Integrated Electrical solutions for various systems of Ships like Navigation Systems, Integrated Bridge Control Systems, Dynamic Positioning System, Shock graded motors, Valve control systems, Fire & Flood direction system, Internal Communication System, Shock Graded Light Fittings, etc.

Marine has developed strong references of work done on all king of ships like Submarine, Aircraft Carriers, Frigates, Corvettes, Survey Vessels, Commercial Vessels, Inland Vessels.

Marine is the exclusive partner of Schneider Electric for manufacturing of its 'Blockset' Panels for supply in western India. It has a strong presence in emerging segments with high electrical need like Solar power, Railways, Metro Railways, Electrical Vehicles charging, Large Residential and Commercial Buildings, etc. Marine is amongst the leader in supply of LV solutions to Data Centers in India.

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( With inputs from ANI )