Shipping Company with PE Ratio of 6.24 Delivers Supramax Carrier 'Jag Rani'; Fleet Expands to 41 Vessels
The company’s shares have delivered an impressive return of around 50 per cent in the past 1 year.
Great Eastern Shipping Company Ltd (G E Shipping) has successfully delivered its 2011-built Supramax Dry Bulk Carrier, "Jag Rani," to the buyers. The vessel was contracted for sale in August 2024. With the sale of Jag Rani, the company's current fleet now comprises 41 vessels, including 28 tankers (6 crude carriers, 18 product carriers, 4 LPG carriers) and 13 dry bulk carriers (2 Capesize, 8 Kamsarmax, 3 Supramax), with a total capacity of 3.31 million dwt. Additionally, G E Shipping has contracted to sell a Suezmax crude tanker in September 2024, scheduled for delivery by Q3 FY25.
On Monday, shares of Great Eastern Shipping closed the day at around Rs 1243.10 per share. The company’s current market capitalization stands at Rs 18,269 crore. The stock has delivered a return of around 50 per cent in the past year.
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As per the Quarterly Results, in the first quarter of FY25, GE Shipping recorded a revenue of Rs 1508 crore. The operating profit stood at Rs 911 crore. The net profit for the period was Rs 812 crore. Looking at the annual performance, the company generated a revenue of Rs 5255 crore in FY24, compared to Rs 5690 crore in FY23. The operating profit for FY24 was Rs 3022 crore with a net profit of Rs 2614 crore.
According to the shareholding pattern, promoters own 30.08 per cent, and 28.05 per cent is owned by public investors. FIIs and DIIs own 24.64 per cent and 15.68 per cent stake in the company. FIIs increased their stake from 24.51 per cent to 24.64 per cent in Q2 FY25.
Founded in 1948 with the purchase of a Liberty ship, Great Eastern Shipping Company Ltd (GE Shipping) has grown into India's largest private sector shipping company by FY24. As of FY24, GE Shipping, along with its subsidiaries, operates over 40 ships and 20 offshore assets, cementing its position as a major player in the Indian shipping and oil drilling services industry.
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Disclaimer: The article is for informational purposes only and not investment advice.