G.E.SHIPPING 2019-20 Annual Report Analysis

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G.E.SHIPPING 2019-20 Annual Report Analysis
Fri, 20 Nov

G.E.SHIPPING has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

G.E.SHIPPING Income Statement Analysis

  • Operating income during the year rose 3.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 31.6% in FY20 as against 29.7% in FY19.
  • Depreciation charges decreased by 3.9% and finance costs decreased by 13.6% YoY, respectively.
  • Other income declined by 7.4% YoY.
  • Net profit for the year declined by 1065.7% YoY.
  • Net profit margins during the year grew from 0.6% in FY19 to 5.2% in FY20.

G.E.SHIPPING Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 35,471 36,867 3.9%
Other income Rs m 2,828 2,618 -7.4%
Total Revenues Rs m 38,299 39,485 3.1%
Gross profit Rs m 10,532 11,663 10.7%
Depreciation Rs m 7,727 7,428 -3.9%
Interest Rs m 5,212 4,502 -13.6%
Profit before tax Rs m 421 2,350 457.9%
Tax Rs m 636 279 -56.1%
Profit after tax Rs m -215 2,071 -1,065.7%
Gross profit margin % 29.7 31.6
Effective tax rate % 150.9 11.9
Net profit margin % -0.6 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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G.E.SHIPPING Balance Sheet Analysis

  • The company's current liabilities during FY20 down at Rs 12 billion as compared to Rs 21 billion in FY19, thereby witnessing an decrease of -41.1%.
  • Long-term debt down at Rs 48 billion as compared to Rs 48 billion during FY19, a fall of 1.2%.
  • Current assets rose 1% and stood at Rs 43 billion, while fixed assets fell 4% and stood at Rs 92 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 138 billion as against Rs 144 billion during FY19, thereby witnessing a fall of 4%.

G.E.SHIPPING Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 68,097 67,956 -0.2
 
Current Liabilities Rs m 21,122 12,431 -41.1
Long-term Debt Rs m 48,430 47,857 -1.2
Total Liabilities Rs m 143,702 138,328 -3.7
 
Current assets Rs m 42,897 43,354 1.1
Fixed Assets Rs m 96,315 92,457 -4.0
Total Assets Rs m 143,702 138,328 -3.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



G.E.SHIPPING Cash Flow Statement Analysis

  • G.E.SHIPPING's cash flow from operating activities (CFO) during FY20 stood at Rs 15 billion, an improvement of 35.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs 5 billion, an improvement of 12.7% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -19 billion on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs 2 billion from the Rs 5 billion net cash flows seen during FY19.

G.E.SHIPPING Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 10,957 14,810 35.2%
Cash Flow from Investing Activities Rs m 4,298 4,845 12.7%
Cash Flow from Financing Activities Rs m -10,199 -18,723 -
Net Cash Flow Rs m 5,052 2,304 -54.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for G.E.SHIPPING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.0, an improvement from the EPS of Rs -1.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 246.5, stands at 5.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.7 times, while the price to sales ratio stands at 1.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 235.3 249.2
TTM Earnings per share Rs -1.4 14.0
Diluted earnings per share Rs -1.4 13.7
Price to Cash Flow x 4.9 3.9
TTM P/E ratio x 5.1 5.1
Price / Book Value ratio x 0.7 0.7
Market Cap Rs m 37,167 37,167
Dividends per share (Unadj.) Rs 5.4 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for G.E.SHIPPING

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.5x during FY20, from 2.0x during FY19. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 1.5x during FY20, from 1.1x during FY19. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 3.0% during FY20, from -0.3% during FY20. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 5.9% during FY20, from 4.8% during FY19. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 4.8% during FY20, from 3.5% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 2.0 3.5
Debtors’ Days Days 31 34
Interest coverage x 1.1 1.5
Debt to equity ratio x 0.7 0.7
Return on assets % 3.5 4.8
Return on equity % -0.3 3.0
Return on capital employed % 4.8 5.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how G.E.SHIPPING has performed over the last 5 years, please visit here.

G.E.SHIPPING Share Price Performance

Over the last one year, G.E.SHIPPING share price has moved down from Rs 299.3 to Rs 246.5, registering a loss of Rs 52.8 or around 17.6%.

Overall, the S&P BSE SENSEX is up 8.9% over the year.

(To know more, check out historical annual results for G.E.SHIPPING and quarterly results for G.E.SHIPPING)

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Related Views on News

G.E.SHIPPING Announces Quarterly Results (3QFY21); Net Profit Down 46.7% (Quarterly Result Update)

Feb 1, 2021 | Updated on Feb 1, 2021

For the quarter ended December 2020, G.E.SHIPPING has posted a net profit of Rs 2 bn (down 46.7% YoY). Sales on the other hand came in at Rs 8 bn (down 30.1% YoY). Read on for a complete analysis of G.E.SHIPPING's quarterly results.

G.E.SHIPPING Announces Quarterly Results (1QFY21); Net Profit Up 966.8% (Quarterly Result Update)

Aug 24, 2020 | Updated on Aug 24, 2020

For the quarter ended June 2020, G.E.SHIPPING has posted a net profit of Rs 5 bn (up 966.8% YoY). Sales on the other hand came in at Rs 11 bn (up 36.5% YoY). Read on for a complete analysis of G.E.SHIPPING's quarterly results.

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