The Great Eastern Shipping Company (500620) Q4 24/25 earnings summary

Executive summary

• Q4 FY2025 consolidated net profit was INR 363 Cr, with a consolidated NAV of INR 1,406/share as of March 31, 2025.

• FY25 consolidated net profit was Rs. 2,344.26 crore, with consolidated revenue of Rs. 5,322.54 crore.

• The company declared its 13th consecutive quarterly dividend, totaling Rs. 29.70 per share for FY25.

• Revenue and EBITDA declined year-over-year, reflecting softer market conditions and lower tanker earnings.

• Audited results were approved with an unmodified opinion from statutory auditors.

Financial highlights

• Q4 FY25 consolidated revenue was INR 1,373 Cr, down from INR 1,727 Cr in Q4 FY24; consolidated EBITDA was INR 699 Cr, down from INR 1,100 Cr.

• FY25 consolidated net profit was Rs. 2,344.26 crore, down from Rs. 2,614.18 crore in FY24.

• Standalone and consolidated profits dropped sharply year-over-year, with a roughly INR 400 crore decline from Q4 FY2024 to Q4 FY2025.

• Impairment of nearly INR 700 million was taken on three MR tankers due to asset price declines.

• Cash flow from operating activities for Q4 FY25 was INR 547 Cr, compared to INR 822 Cr in Q4 FY24.

Outlook and guidance

• Q1 FY26 operating day coverage: Crude Carriers 44%, Product Carriers 55%, LPG Carriers 94%, Dry Bulk 69%.

• Asset prices remain high historically, but management is waiting for further corrections before making significant new investments.

• Dry bulk is considered relatively more attractive for future purchases, though not yet at target price levels.

• The Board affirmed compliance with all financial covenants and security cover requirements for outstanding debentures.

• No specific fleet growth target, but capital will be deployed as opportunities arise.