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G E Shipping: Offshore and Dry-Bulk Segment Impacts Performance - Views on News from Equitymaster
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  • Aug 22, 2016 - G E Shipping: Offshore and Dry-Bulk Segment Impacts Performance

G E Shipping: Offshore and Dry-Bulk Segment Impacts Performance
Aug 22, 2016

GE Shipping has announced the first quarter results of financial year 2016-2017 (1QFY17). The company has reported a 15.8% YoY decline in the topline while the bottomline has declined by 24.8% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated topline declined by 15.8% on a YoY basis whereas standalone topline declined by 13.5% YoY.
  • Operating profit declined during the quarter by 16.8% YoY. Operating margin declined by 0.7% and stood at 54.6%.
  • Other income increased by 109.4% during this quarter. Similarly, Finance cost and Depreciation seen an increase of 11.9% YoY and 8.8% YoY respectively.
  • Net profit declined by 24.8% during the quarter.

      Standalone Consolidated
    (Rs m) 1QFY16 1QFY17 Change 1QFY16 1QFY17 Change
    Net sales 4,735 4,095 -13.5% 9,590 8,078 -15.8%
    Expenditure 2,534 2,465 -2.7% 4,284 3,664 -14.5%
    Operating profit (EBDITA) 2,201 1,630 -25.9% 5,306 4,414 -16.8%
    EBDITA margin (%) 46.5% 39.8% 55.3% 54.6%
    Other income 182 867 407 851 109.4%
    Finance cost 440 524 19.0% 694 776 11.9%
    Depreciation 664 822 23.8% 1612 1753 8.8%
    Profit before tax 1278 1151 -10.0% 3406 2735 -19.7%
    Tax 50 115 298 399 33.8%
    Net Profit 1,228 1,036 -15.7% 3,108 2,336 -24.8%
    Net profit margin (%) 25.9% 25.3% 32.4% 28.9%
    No. of shares (m) 150.8
    Diluted earnings per share (Rs)* 63.0
    Price to earnings ratio (x)* 5.5

    (* on trailing twelve months earnings)

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