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GE Shipping: Riding the wave!

May 3, 2004

GE Shipping, India's largest private sector shipping company, has reported strong results for the quarter and year ended March 2004. For 4QFY04, the topline and bottomline have grown YoY by 75% and 98% respectively. On the other hand, for the full year FY04, while revenues have grown YoY by 42%, profits are up YoY by a strong 107%. What more, operating margins have improved substantially for 4QFY04 and FY04 by 440 and 730 basis points respectively.

Financial performance: A snapshot
(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Sales 2,641 4,620 74.9% 9,555 13,519 41.5%
Other Income 154 191 23.7% 357 658 84.3%
Expenditure 1,340 2,141 59.7% 5,544 6,864 23.8%
Operating Profit (EBDIT) 1,301 2,480 90.6% 4,011 6,656 66.0%
Operating Profit Margin (%) 49.3% 53.7%   42.0% 49.2%  
Interest 89 145 63.1% 390 470 20.4%
Depreciation 397 605 52.7% 1,680 2,012 19.8%
Profit before Tax 970 1,920 98.0% 2,298 4,832 110.3%
Extraordinary items 105 (26) -124.5% 268 123 -54.2%
Tax 143 47 -67.5% 292 244 -16.7%
Profit after Tax/(Loss) 931 1,848 98.4% 2,273 4,711 107.3%
Net profit margin (%) 35.3% 40.0%   23.8% 34.8%  
No. of Shares 190.3 190.3   190.3 190.3  
Diluted Earnings per share* (Rs) 19.6 38.8   11.9 24.8  
P/E Ratio (x)   3.2     5.0  
(* annualised)            

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