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GE Shipping: Moving off the shore!

Sep 6, 2005

G.E. Shipping (GES), India's largest private sector shipping company, had recently reported strong growth in the first quarter of FY06. Robust growth of the shipping business, despite decline in offshore revenues, has helped the topline register a 40% YoY growth. Extraordinary income, specifically from the sale of a VLCC during the quarter, has perked up the company's bottomline during the quarter. A sharp rise in direct operating costs has, however, led to margin contraction at the operating level.

Financial performance: A snapshot
(Rs m) 1QFY05 1QFY06 Change FY05
Sales 4,117 5,764 40.0% 20,492
Expenditure 2,019 2,979 47.6% 9,602
Operating profit (EBDIT) 2,099 2,785 32.7% 10,890
Operating profit margin (%) 51.0% 48.3%   53.1%
Other income 70 218 209.8% 453
Interest 221 257 16.0% 829
Depreciation 718 767 6.9% 2,850
Profit before tax 1,230 1,979 60.9% 7,664
Extraordinary items (21) 1,728   170
Tax 185 173 -6.5% (254)
Profit after tax/(loss) 1,024 3,534 245.0% 8,088
Net profit margin (%) 24.9% 61.3%   39.5%
No. of shares 190.3 190.3   190.3
Diluted earnings per share* (Rs) 21.5 74.3   42.5
P/E ratio (x)   2.8    
(* annualised)        

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Sep 23, 2020 (Close)

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