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G E Shipping: Crude, Product, and Offshore Segment Drag Performance - Views on News from Equitymaster
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  • Feb 16, 2017 - G E Shipping: Crude, Product, and Offshore Segment Drag Performance

G E Shipping: Crude, Product, and Offshore Segment Drag Performance
Feb 16, 2017

G E Shipping has announced the third quarter results of financial year 2016-2017 (3QFY17). The company reported a 22.8% YoY decline in the topline while the bottomline has declined by 33.4% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated as well as standalone topline declined by 22.8% YoY.
  • Operating profit declined during the quarter by 30.5% YoY. Operating margin declined by 5.7% and stood at 51.6%.
  • Other income increased by 155.6% during this quarter. Similarly, Finance cost and Depreciation seen an increase of 25.7% YoY and 18.9% YoY respectively.
  • Net profit declined by 33.4% YoY during the quarter.

      Consolidated Consolidated
    (Rs m) 3QFY16 3QFY17 Change 9mFY16 9mFY17 Change
    Net sales 9,710 7,494 -22.8% 29,492 23,709 -19.6%
    Expenditure 4,143 3,627 -12.5% 13,048 11,051 -15.3%
    Operating profit (EBDITA) 5,567 3,866 -30.5% 16,444 12,657 -23.0%
    EBDITA margin (%) 57.3% 51.6%   55.8% 53.4%  
    Other income 670 1711 155.6% 1,677 3,995 138.2%
    Finance cost 713 897 25.7% 2,168 2,625 21.1%
    Depreciation 1671 1988 18.9% 4,942 5,609 13.5%
    Profit before tax 3852 2693 -30.1% 11012 8417 -23.6%
    Tax 271 310 14.4% 786 1010 28.4%
    Net Profit 3,581 2,384 -33.4% 10,226 7,407 -27.6%
    Net profit margin (%) 36.9% 31.8%   34.7% 31.2%  
    No. of shares (m)       150.8  
    Diluted earnings per share (Rs)*         53.0  
    Price to earnings ratio (x)*         6.7  
    (* on trailing twelve months earnings)
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