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G.E.SHIPPING 2019-20 Annual Report Analysis
Tue, 31 Mar

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 5.6% 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 5.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

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 fell 1% and stood at Rs 43 billion, while fixed assets fell 5% and stood at Rs 95 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 43,680 43,354 -0.7
Fixed Assets Rs m 100,023 94,974 -5.0
Total Assets Rs m 143,702 138,328 -3.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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: Accord Fintech, Equitymaster



Current Valuations for G.E.SHIPPING

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 14.1, 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 207.2, stands at 14.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.4 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 4.8 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 235.3 250.8
TTM Earnings per share Rs -1.4 14.1
Diluted earnings per share Rs -1.5 14.5
Price to Cash Flow x 5.4 4.8
TTM P/E ratio x -188.3 14.3
Price / Book Value ratio x 0.7 0.7
Market Cap Rs m 47,540 45,479
Dividends per share (Unadj.) Rs 5.4 8.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 2.1x 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 2.1 3.5
Debtors’ Days Days 3 3
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: Accord Fintech, 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 283.0 to Rs 207.2, registering a loss of Rs 75.8 or around 26.8%.

Overall, the S&P BSE SENSEX is down 24.2% over the year.

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

Annual Report FAQs

What is the current share price of G.E.SHIPPING?

G.E.SHIPPING currently trades at Rs 1,000.2 per share. You can check out the latest share price performance of G.E.SHIPPING here...

What was the revenue of G.E.SHIPPING in FY20? How does it compare to earlier years?

The revenues of G.E.SHIPPING stood at Rs 39,485 m in FY20, which was up 3.1% compared to Rs 38,299 m reported in FY19.

G.E.SHIPPING's revenue has fallen from Rs 39,663 m in FY16 to Rs 39,485 m in FY20.

Over the past 5 years, the revenue of G.E.SHIPPING has grown at a CAGR of -0.1%.

What was the net profit of G.E.SHIPPING in FY20? How does it compare to earlier years?

The net profit of G.E.SHIPPING stood at Rs 2,071 m in FY20, which was down -1,065.7% compared to Rs -215 m reported in FY19.

This compares to a net loss of Rs -2,105 m in FY18 and a net profit of Rs 7,550 m in FY17.

Over the past 5 years, G.E.SHIPPING net profit has grown at a CAGR of -34.1%.

What does the cash flow statement of G.E.SHIPPING reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of G.E.SHIPPING reveals:

  • Cash flow from operations increased in FY20 and stood at Rs 14,810 m as compared to Rs 10,957 m in FY19.
  • Cash flow from investments increased in FY20 and stood at Rs 4,845 m as compared to Rs 4,298 m in FY19.
  • Cash flow from financial activity decreased in FY20 and stood at Rs -18,723 m as compared to Rs -10,199 m in FY19.

Here's the cash flow statement of G.E.SHIPPING for the past 5 years.

(Rs m)FY16FY17FY18FY19FY20
From Operations21,50715,2189,68910,95714,810
From Investments-4,678-15,258-4,4954,2984,845
From Financial Activity-16,7677,133-11,584-10,199-18,723
Net Cashflow3396,874-6,0175,0522,304

What does the Key Ratio analysis of G.E.SHIPPING reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of G.E.SHIPPING reveals:

  • Operating profit margins witnessed a fall and down at 31.6% in FY20 as against 29.7% in FY19.
  • Net profit margins grew from 0.6% in FY19 to 5.6% in FY20.
  • Debt to Equity ratio for FY20 stood at 0.7 as compared to 0.7 in FY19.

Here's the ratio/financial analysis of G.E.SHIPPING for the past 5 years.

 FY16FY17FY18FY19FY20
Operating Profit Margin (%)51.144.131.729.731.6
Net Profit Margin (%)28.824.2-6.9-0.65.6
Debt to Equity Ratio (x)0.70.80.80.70.7

Read: Latest Annual Report Analysis of G.E.SHIPPING

 

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