Swan Defence swings to ₹566 crore net profit in Q2 on provision write-back
Revenue from operations rose 74% year-on-year to ₹69 crore from ₹40 crore. Sequentially, revenue increased 125% from the previous quarter.
Gujarat-based Swan Defence and Heavy Industries Ltd on Monday reported a net profit of ₹566.44 crore for the quarter, compared with a loss of ₹0.55 crore in the year-ago period. The profit includes the write-back of excess provisions made in earlier years, as disclosed in the company’s financial results.Revenue from operations rose 74% year-on-year to ₹69 crore from ₹40 crore. Sequentially, revenue increased 125% from the previous quarter.However, the company reported an earnings before interest, taxes, depreciation and amortisation loss of ₹17.02 crore, compared with a loss of ₹7.97 crore in the corresponding quarter last year.
The EBITDA margin stood at -24.72%, against -20.15% a year ago.ALSO READ | Swan Defence bags export order from Denmark's Svitzer to build four advanced tugsOn a quarter-on-quarter basis, the EBITDA loss narrowed from ₹21 crore in the previous quarter, while the EBITDA margin improved from -69%.Rear Admiral Vipin Kumar Saxena , Chief Executive Officer, Swan Defence and Heavy Industries Ltd, said, "The first half of FY27 marks SDHI’s transition from turnaround to scaled execution. Having completed our resolution plan and settled our obligations to the Committee of Creditors, we have focused on building the systems, processes and teams needed to deliver our order book.Winning export orders again in H1 FY27 reflects the growing confidence of international customers in SDHI and in India as a credible shipbuilding partner. Our priority now is to deliver on time and to global quality standards.ALSO READ | Swan Defence signs exclusive teaming agreement with Mazagon Dock for Indian Navy LPDsAt the same time, we expect domestic shipbuilding demand to pick up over the next 12 to 18 months, driven by the Government of India’s push to expand commercial shipbuilding and by proposed defence programmes. SDHI is well placed to win at home and abroad, and to turn that into sustained growth for our shareholders."Shares of Swan Defence and Heavy Industries Ltd ended at ₹2,874.55, up by ₹136.85, or 5.00%, on the BSE.
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