Timing uncertainty on LD reversal
Potential reversal of liquidated damages (approximately INR 300 crore) on Submarine 1 and Submarine 5 pending Ministry and Indian Navy approval; originally expected in Q2 but now pushed to Q3 at earliest.
MAZDOCK / Q2-FY25 / risks
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Mazagon Dock Shipbuilders · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
P-75(I) decision timeline unknown
Competitive submarine program with tkMS collaboration awaits government direction; no clarity on timeline or whether both bidders could be considered under single contract.
Potential revenue dip between program cycles
Commander Puranik acknowledged there might be a dip in revenues as current large programs wind down before new orders fully ramp up, though management expects ICG/export/ONGC to sustain levels.
Margin normalization risk on future projects
Current margins elevated due to completion efficiencies on legacy projects; new projects will be priced at normalized 12-15% PBT, potentially compressing margins from H1 FY25 levels.