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

Executive summary

• Net profit for Q3 FY25 was INR 594 crore (consolidated), reflecting strong profitability and robust operational performance.

• Third interim dividend of INR 8.10 per share declared, totaling INR 24.30 per share for 9M FY25 and marking 12 consecutive quarters of dividends.

• Company remains net cash positive, with net cash of about $500 million on a standalone basis as of 9M FY25.

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

• Early redemption of Rs. 150 crore secured non-convertible debentures authorized.

Financial highlights

• Consolidated revenue for Q3 FY25 was INR 1,236.87 crore, up from INR 1,245.13 crore in Q3 FY24.

• 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.

• Net asset value per share as of Dec 31, 2024, was INR 1,418 (consolidated).

• Earnings per share (consolidated, basic) for Q3 FY25 was Rs. 41.58.

Outlook and guidance

• No earnings forecasts provided; management emphasizes patience and opportunistic growth when asset values become attractive.

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

• Asset prices remain elevated despite recent corrections; company will consider expansion when values align with return expectations.

• Growth will be pursued in narrow windows when market conditions are favorable, as in 2016–2018.

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