The Great Eastern Shipping Company (500620) Q3 24/25 earnings summary

Executive summary

• Net profit for Q3 FY25 was INR 594 crore, reflecting continued strong profitability and the declaration of a third interim dividend of INR 8.10 per share, marking 12 consecutive quarters of dividends.

• Consolidated net asset value per share as of December 31, 2024, was INR 1,418, slightly down from September but higher year-over-year.

• Revenue for Q3 FY25 reached INR 1,501 crore (consolidated), up from INR 1,396 crore in Q3 FY24.

• The company maintains a strong net cash position, with net debt at INR 4,280 crore negative (about $500 million net cash).

• Appointment of Mr. Amitabh Kumar as Additional and Independent Director for five years; re-appointment of three Independent Directors recommended.

Financial highlights

• EBITDA for Q3 FY25 was INR 826 crore (consolidated), up from INR 789 crore in Q3 FY24.

• Net profit for 9M FY25 was INR 2,009 crore (normalized, consolidated), up from INR 1,981 crore in 9M FY24.

• Cash profit per share was INR 218 over the last 12 months; EPS for Q3 FY25 was INR 39.82 (consolidated).

• Total assets stood at INR 18,065 crore as of December 31, 2024.

• Net cash from operating activities for Q3 FY25 was INR 805 crore.

Outlook and guidance

• No specific earnings or market forecasts provided; management remains cautious and opportunistic regarding asset purchases.

• Revenue coverage for Q4 FY25 is strong, with 100% coverage for LPG and 63% for dry bulk.

• Asset prices, though down 15%, are still considered high; management prefers to wait for more attractive entry points for growth.

• Growth will be pursued when asset values become attractive, as in the 2016–2018 cycle.

• Continued focus on fleet optimization, with several vessel sales completed and more planned.