Small-cap shipping company shines with 301 per cent growth in FY23; surges 7.61 per cent within 15 minutes of the opening bell!

In this financial year, the company has declared the highest-ever dividend.

Results for the fourth quarter and year ended March 31, 2023, were unveiled by Great Eastern Shipping Company Limited on May 12, 2023, post the market close.  

On a consolidated basis, the company recorded a 282 per cent increase in net profit for the fourth quarter ended March 31, 2023, from Rs 189.00 crore for the same quarter the previous year to Rs 722 crore. In Q4FY23, the company's total revenue climbed by 57.78 per cent to Rs 1551 crore from Rs 983 crore in the same quarter the previous year.  

The company reported an over 301 per cent net profit for the year ended March 31, 2023, from Rs 630 crore to Rs 2,575 crore on a consolidated basis. When compared to the year ended March 31, 2022, the company's total revenue climbed by 68.19 per cent, reaching Rs 6171 crore from Rs 3669 crore. 

Earlier company has given three interim dividends of a total value of Rs 19.8 per share in FY23. Now it has declared a fourth interim dividend of Rs 9 per share which has an ex-date of May 24, 2023, which makes a total dividend of Rs 28.8 per share on a face value of Rs 10 per share. 

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On May 12, 2023, the last trading day the scrip was closed at Rs 676.80. Today it opened at Rs 701 up by 3.58 per cent from the previous day's closing. Currently, it is trading at Rs 728.30 up by 7.61 per cent. It has a 52-week high of Rs 748.45 and a low of Rs 352.50. 

Great Eastern Shipping Company Ltd, along with its subsidiaries is a major player in the Indian shipping and Oil drilling services industry.