Aban Offshore reports consolidated net loss of Rs.119.80 crore in Q4FY16: Misses Estimates

India Infoline News Service | Mumbai | May 23, 2016 15:00 IST

The company’s consolidated revenue stood at Rs. 629.30 crore, down 36.52% yoy and 14.22% qoq

Global offshore company specialising in drilling and exploration, Aban Offshore Ltd's consolidated net loss widened to Rs.119.80 crore for the quarter ended March 31, 2016 compared to Rs. 88.73 crore in the preceding quarter. However, the company had reported consolidated net profit of Rs. 113.54 crore in the corresponding quarter of the previous year . The company’s consolidated revenue stood at Rs. 629.30 crore, down 36.52% yoy and 14.22% qoq.

Its consolidated core operating profit of Rs. 339.11 crore for the quarter, declined by 43.76% yoy and 7.86% qoq. Operating profit margin for the current quarter at 53.89% contracted by 693 bps yoy but expanded by 372 bps qoq.

For the year ended March 31, 2016, the company reported consolidated net profit of Rs. 51.26 crore, declining by 90.59% yoy. Its consolidated revenue for the period stood at Rs. 3,334.55 crore, registering decline of 17.48% yoy.

Aban Offshore Ltd's core operating profit stood at Rs. 1,891.63 crore, recording decline of 20.48% yoy. Operating margin for the current period at 56.28% contracted by 259 bps yoy.

On standalone basis,Aban Offshore Ltd, reported standalone net profit of Rs. 104.89 crore for the quarter ended March 31, 2016, registering growth of 783.28% yoy and 11.34% qoq. The company’s revenue stood at Rs. 267.09 crore, up 58.99% yoy and 6.88% qoq.

Its standalone core operating profit of Rs. 166.21 crore for the quarter, clocked growth of 77.22% yoy and 3.42% qoq. Operating profit margin for the current quarter at 62.23% expanded by 640 bps yoy but contracted by 208 bps qoq.

For the year ended March 31, 2016, the company reported standalone net profit of Rs. 367.76 crore, growing by 92.93% yoy. Its standalone revenue for the period stood at Rs. 1,014.13 crore, registering growth of 33.48% yoy.

Aban Offshore Ltd's core operating profit stood at Rs. 642.47 crore, recording growth of 68.51% yoy. Operating margin for the current period at 63.12% expanded by 1294 bps yoy.

Result Highlights: (Rs. in crore)

Reported Results Bloomberg Estimates Variance (%)
Consolidated Revenue 629.30 663 [5.08]
Consolidated Net Profit -119.80 -125.2 [4.31]

Stock Commentary:

Aban Offshore Ltd is currently trading at Rs. 197, down by 8.1 points or 3.95% from its previous closing of Rs. 205.1 on the BSE.

The scrip opened at Rs. 206.7 and has touched a high and low of Rs. 207.4 and Rs. 195.1 respectively. So far 2272427(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1197.07 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 407.35 on 25-May-2015 and a 52 week low of Rs. 142.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 218.9 and Rs. 204 respectively.

The promoters holding in the company stood at 46.96 % while Institutions and Non-Institutions held 6.43 % and 46.61 % respectively.

The stock is currently trading below its 200 DMA.



***Note: This is a NSE Chart

 

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