Q1 2025 Seamec Ltd Earnings Call Transcript
Key Points
- Seamec Ltd (BOM:526807) achieved a 95% utilization rate for three of its vessels during the quarter.
- EBITDA for the quarter increased by 33% year-on-year, driven by improved rates and the sale of an unprofitable vessel.
- The company reported a 59% growth in profit after tax on a consolidated basis, excluding exceptional income.
- Seamec Ltd (BOM:526807) has a strong financial health with a net cash surplus of INR92 crores after adjusting borrowings.
- The company is strategically positioned to leverage India's growing energy demands, supported by a fleet of specialized vessels and skilled crew.
- Revenue for the quarter remained flat year-on-year at INR223 crores, with a 7% decline on a quarter-on-quarter basis.
- Fuel costs remain a concern, particularly for EPC jobs, which are borne by Seamec Ltd (BOM:526807).
- The company paid INR26 crores in advisory fees to a promoter company, which is about 15% of the FY24 PAT, raising concerns about cost rationalization.
- The UK subsidiary reported an INR18 crores PAT loss, attributed to interest and depreciation charges on a property under construction.
- There are ongoing issues with the delivery of a second OSV, which could impact future operations and revenue.
Ladies and gentlemen, good day and welcome to the Seamec Limited Q1 FY25 conference call. (Opeartor Instructions)
I now hand the conference over to Mr. Balasubramanian from Arihant Capital. Thank you and over to you, sir.
Thank you, Riya Madam. Hello and good afternoon, everyone. On behalf of Arihant Capital, I welcome you to the earnings call of Seamec Limited for Q1 FY25. And we welcome the management of Seamec management in this call. This session has two sessions. The first session is followed by opening remarks by the management, followed by Q&A session.
Now I'm handing over the call to management.
Good afternoon, everyone. On behalf of Seamec, I am delighted to welcome you to our Q1 FY25 earnings call. I am joined today by my fellow colleagues, Mr. Rakesh Ayri, CEO; Mr. Vinay Agarwal, our CFO; and Mr. Sunil Gupta, Vice President, Strategy, and Investor Relations.
Let me begin
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