Can Dolphin🦈 Offshore give extra miles to Deep?
Q1 (Standalone Revenue): Considering the bid pipeline and the current order book that we have, what kind of numbers are we looking for FY '25 in terms of top line, and bottom line internally as a target?
A1: We are anticipating a minimum 25% growth year-on-year in Deep Industries itself. So the way our bidding pipeline is increasing and the conversion that we are expecting out of this bidding pipeline can definitely help us in growing 25% CAGR. (Estimated revenue for the current FY ~ 440-450 Cr)
Q2 (Standalone Margin profile) : what should we consider to steady state operating margins?
A2: State operating margin should be in the range of 42% to 45% EBITDA.
Q3 A (On Dolphin) : All right and that is just for Deep Industries. And sir, for if we add Dolphin as well, that should add another INR80 to 100 Crs, if I am not wrong?
A3 A: Correct
Q3 B: What was the revenue contribution for Dolphin in FY '24?
A3 B: Dolphin in FY '24 is negligible. So – since its major asset is under refurbishment, it has contributed around just INR8 crores in this year.
Q3 C: What kind of operating margins are we looking at for Dolphin?
A3 C: Dolphin, we are looking operating margin of more than 50%.
Part 1:
Now clubbing Q1 & Q3 A: FY 25, Projected revenue of the company
Deep: Rs 450 + 25% incremental revenue or conservatively 20%, then Rs 550 Cr
Dolphin: Rs 80-100 Cr ~ conservatively Rs 50 Cr
Total FY25 (P) Revenue: Rs 600-650 Cr
Part 2:
Q2 & Q3 C: Estimated EBITDA
Deep: Rs 550 X 42% = Rs 230 Cr
Dolphin: Rs 50 X 50% = Rs 25 Cr
Total FY25 (P) EBITDA = Rs 255 Cr (~ Minimum Rs 250 Cr)
And Maximum Side ~ 300 Cr
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