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G E Shipping: Another Strong quarter - Views on News from Equitymaster
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G E Shipping: Another Strong quarter
Feb 17, 2016

G E Shipping has announced the second quarter results of financial year 2015-2016 (2QFY16). The company has reported 19.1% YoY growth in consolidated topline while the bottomline has grown 85.2% YoY. Here is our analysis of the results.

Performance summary

  • Consolidated topline grows by 19% on a YoY basis
  • Operating margins increased significantly leading operating profits to jump 59.6% YoY. Operating margin increased by 14.5% to 57%
  • Other income declined by 38% during this quarter.
  • Strong operating profit with decline in finance cost led to strong increase in net profit by whopping 85.2%.
  • Standalone bottomline grew enormously by 130% YoY on the back of a 31% growth in topline.
  Consolidated Standalone Consolidated
(Rs m) 2QFY15 2QFY16 Change 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 8,678 10,335 19.1% 4,265 5,593 31.1% 16,760 19,800 18.1%
Expenditure 4,990 4,449 -10.9% 3,054 2,766 -9.4% 9,383 8,850 -5.7%
Operating profit (EBDITA) 3,687 5,886 59.6% 1,211 2,827 133.5% 7,377 10,950 48.4%
EBDITA margin (%) 42.5% 57.0%   28.4% 50.5%   44.0% 55.3%  
Other income 908 564 -37.9% 1223 877 -28.3% 1,904 1,348 -29.2%
Finance cost 784 739 -5.8% 480 458 -4.7% 1,538 1,438 -6.5%
Depreciation 1530 1667 8.9% 822 804 -2.3% 3,000 3,281 9.4%
Profit before tax 2281 4044 77.3% 1132 2442 115.8% 4,743 7,579 59.8%
Exceptional item             44   -100.0%
Tax 215 218 1.4% 50 -50 -200.0% 491 516 4.9%
Net Profit 2066 3827 85.2% 1082 2492 130.4% 4,296 7,063 64.4%
Net profit margin (%) 23.8% 37.0%   25.4% 44.6%   25.6% 35.7%  
No. of shares (m)               150.8  
Diluted earnings per share (Rs)*               68.0  
Price to earnings ratio (x)*               4.3  

* On trailing twelve month earning

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