Q4 2024 Great Eastern Shipping Company Ltd Earnings Call Transcript
Key Points
- Great Eastern Shipping Co Ltd (BOM:500620) reported its highest ever net profit of INR2,614 crore for FY24.
- The company declared a fourth interim dividend of INR10.80 per share, bringing the total dividend for FY24 to INR36.30 per share.
- The consolidated NAV per share increased from INR1,160 to INR1,400, reflecting strong financial health.
- Crude tankers, product tankers, and LPG carriers performed significantly better in Q4 FY24 compared to Q3 FY24.
- The company is net cash positive on both standalone and consolidated levels, indicating strong liquidity.
- Dry bulk rates were lower in Q4 FY24 compared to the October-December quarter, impacting overall performance.
- The order book for LPG carriers is high at 20%, which could lead to potential overcapacity in the future.
- Saudi Aramco's reduction in production targets has led to a drop in utilization for jack-up rigs, creating uncertainty in the offshore market.
- The cancellation of a tender for the rig Greatdrill Chetna could impact future revenue streams.
- The company continues to trade at a significant discount to its consolidated NAV, indicating potential undervaluation by the market.
Good evening, ladies and gentlemen. Thank you for standing by. Welcome to GE Shipping earnings call and declaration of its financial results for the quarter and year ended March 31, 2024. (Operator Instructions) I now hand over the conference to Ms. Anjali Kumar, Head of Corporate Communications at the Great Eastern Shipping Company Limited to start the proceedings. Over to you.
Thank you, everybody, for joining in today, and welcome to the earnings call for our Q4 and FY24 results. I'd just like to take a minute to introduce our panel today. The presentation will be made by our Executive Director and CFO, Mr. G. Shivakumar and followed by question and answers from all of you. To handle the questions, we have, of course, Mr. Shivakumar, and we also have from the management team, Mr. Rahul Sheth, who will also take questions along with him. So handing over to you, Mr. Shivakumar.
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