Great Eastern Shipping Company Ltd's Q3FY19 consolidated net profit rises 102% yoy to Rs116cr

The company’s consolidated revenue stood at Rs972cr, up 17.1% yoy and 21.5% qoq.

Feb 11, 2019 02:02 IST India Infoline Research Team

Great Eastern Shipping Company Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 972 17.1
EBITDA 391 8.5
EBITDA Margin (%) 40.2 [321]
Net Profit (adjusted) 116 102
***EBITDA margin change is bps

Great Eastern Shipping Ltd. reported better earnings for Q3FY19 compared to that in the previous quarter due to a significant rise in tanker rates. Revenue for the quarter rose by 17.1% yoy to Rs972cr. EBITDA stood at Rs391cr, up 8.5% yoy. Adjusted Net Profit stood at Rs116cr for Q3FY19, up 102% yoy.
  • The size of the shipping fleet at the end of Q3FY19 stood at 48 ships with a total tonnage of 3.89mn deadweight tonnes (dwt). The average age of the shipping fleet stands at 11.38 years.
  • During the quarter the company sold the Dry Bulk carrier, "Jag Arya" (built in 2011). The company has also contracted to sell the VLGC "Jag Vishnu" (built in 1994).
  • Time Charter Yields ($/day) for the various segments for Q3FY19 stood at:
    • Crude Carriers - $21,053 (up 25.2% yoy, 103% qoq)
    • Product Carriers - $15,383 (up 0.8% yoy, 49% qoq)
    • Dry Bulk Carriers - $14,571 (up 19.1% yoy, up 17.1% qoq)
  • Segmental Revenue for the quarter stood at Rs815cr for the shipping segment (up 39.5% yoy) and Rs235cr for the offshore segment (down 9.1% yoy).
  • Segmental EBIT for the quarter stood at Rs261cr for the shipping segment and Rs37cr for the offshore segment.

Technical View:

Great Eastern Shipping Company Ltd is currently trading at Rs. 281.70, down by 15.05 points or 5.07% from its previous closing of Rs. 296.75 on the BSE.
The scrip opened at Rs. 294 and has touched a high and low of Rs. 294.90 and Rs. 281.70 respectively. So far 79,532 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

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