The Great Eastern Shipping Company (500620) Q1 24/25 earnings summary

Executive summary

• Consolidated net profit reached INR 812 crore for Q1 FY2025, with normalized net profit at INR 817 crore, reflecting strong year-over-year growth.

• Revenue increased to INR 1,703 crore on a consolidated basis, up from INR 1,335 crore in Q1 FY24.

• Interim dividend of INR 9 per share declared for the 10th consecutive quarter, with a total outgo of INR 128.49 crore.

• Consolidated NAV per share rose to INR 1,464 as of June 30, 2024.

• Unaudited consolidated and standalone financial results for the quarter were approved and reviewed by the Board and auditors, with unqualified limited review reports.

Financial highlights

• EBITDA for Q1 FY25 stood at INR 1,092 crore (consolidated), up from INR 776 crore in Q1 FY24.

• Net cash from operating activities was INR 1,209 crore, with net debt at negative INR 3,032 crore, indicating a strong net cash position.

• Standalone net profit was INR 668 crore; consolidated net profit was INR 812 crore for Q1 FY2025.

• Basic EPS (consolidated) for the quarter was INR 56.87, up from INR 40.36 year-over-year.

• Dividend payout over the last 2.5 years totals INR 1,100 crore.

Outlook and guidance

• No formal earnings guidance provided; management emphasizes market unpredictability and does not project future ROE or profitability.

• Revenue coverage for Q2 FY25 is strong, with 100% coverage for LPG carriers and high coverage for other segments.

• Offshore segment expected to contribute more to profitability as vessels and rigs are repriced at higher rates.

• Interim dividend to be paid on or after August 27, 2024, reflecting strong cash flows and confidence in future performance.