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New initiatives to garner higher revenue growth During FY19, the company utilised 77% of the number of days (2501 days against a target of 3228 days) and it dredged 54.5 cu.m. against 63.9 cu.m. (85% utilisation). It has won 16 new contracts and completed 16 important contracts during FY19. Dredging Corp garners highest revenues from a maintenance dredging contract at Kolkata Port Trust (~|1120 crore for five years), followed by maintenance dredging contract at Cochin Shipyard (|110 crore for five years) and a capital dredging contract (|103 crore for 15...
Better fleet utilisation expected to continue in FY20 FY19 has been a moderate year for the company with FY19 revenues and EBITDA increasing (12%, 5% respectively) on a YoY basis. Dredging Corp garners highest revenues from a maintenance dredging contract at Kolkata Port Trust (~| 1120 crore for five years), followed by maintenance dredging contract at Cochin Shipyard (| 110 crore for five years) and a capital dredging contract (| 103 crore for 15 months). Overall, the company has commitments tied to over nine clients totalling over | 1680 crore to be...
ICICI Securities Ltd | Retail Equity Research Revenues grew 38% YoY at | 165 crore (I-direct estimate: | 132 crore), mainly due to better fleet utilisation & low base. The base quarter was impacted by employee strikes against privatisation of the company The EBITDA margin increased 290 bps to 23.4%, leading to an...
ICICI Securities Ltd | Retail Equity Research Revenues remained flat YoY at | 148 crore Optically, absolute EBITDA came in at a loss of | 46 crore vs. profit of | 41 crore in Q2FY18. However, adjusting for the one-off, EBITDA declined 6% to a profit of | 38 crore while adjusted EBITDA margin declined 132 bps to 25.7% and came in higher than I-direct estimate of 22%. The one-off was on the account of a provision of bad and doubtful debt, amounting to | 84 crore as receivable from Government...
ICICI Securities Ltd | Retail Equity Research Revenues de-grew 11% YoY to | 140 crore (I-direct estimate: | 150 crore). Revenue growth appears to have contracted after growing 17% YoY in Q4FY18, due to lower utilisation of fleet EBITDA margin declined 33 bps to 23.3% (I-direct estimate: 22%), mainly due to higher other expenses to sales ratio (58.7% in Q1FY19 vs 58.5% in Q1FY18). Absolute EBITDA de-grew 13% to | 33 crore (Idirect estimate: | 33 crore) Subsequently, PAT de-grew 28% to | 3 crore and was higher than Idirect estimate of | 2 crore...
ICICI Securities Ltd | Retail Equity Research Revenues remained flattish YoY (up 2% QoQ) to | 161.3 crore (I-direct estimate: | 169 crore). The reported revenues includes an insurance claim of | 10.8 crore, adjusting for the same revenues stood at degrowth of 7% YoY to | 150.5 crore EBITDA, optically, more than quadrupled to | 51.4 crore as compared our estimate of | 40 crore. The Q2FY17 EBITDA was impacted by higher dry-docking resulting higher spares and stores expenses. Adjusted for the insurance claim, EBITDA stood at | 40.7 crore....
Reliance Naval & Engineering (RNEL) reported weak Q2FY18 results, which were below our estimates on all fronts Revenues came in | 83.3 crore, down 15.2% YoY. We estimated revenues of | 180 crore for the quarter on the back of revenue booking of patrol boats delivered to the Indian Navy during the quarter EBITDA came in at | 4.4 crore (I-direct estimate: | 16.2 crore). Interest expenses came in at | 167.7 crore, up 25.9% YoY, 11% QoQ as debt increased by | 80.7 crore over the past two quarters. The debt figure is...
ICICI Securities Ltd | Retail Equity Research Revenues grew 11% YoY and 21% QoQ to | 157.9 crore vs. our estimate: | 174.8 crore. Though revenue was lower than our estimate...
Reliance Defence & Engineering (RDEL) reported revenues of | 228.2 crore (I-direct estimate: | 108.9 crore). The company reported a third consecutive quarter of growth, which indicates better execution of its order book, which is currently at ~| 5700 crore On account of revenue recognition of certain orders (percentage completion method), RDEL reported positive EBITDA of | 5.3 crore Interest expenses continue to grow 32% YoY to | 164 crore. Subsequently, overall PAT performance continues to remain stressed...
ICICI Securities Ltd | Retail Equity Research Revenues de-grew 6% YoY (down 6% QoQ) to | 151.9 crore (I-direct estimate: | 164.6 crore). Other operating income continued to remain high at | 12.5 crore compared a negligible amount in Q3FY16. Revenues for the quarter were adversely impacted by dry dock (repairs), which were, to an extent, guarded by improved realisation EBITDA for the quarter grew 15% YoY to | 40.2 crore (vs. our estimate: | 32.6 crore) vs. | 11.1 crore in Q2FY17 and | 34.9 crore in...
ICICI Securities Ltd | Retail Equity Research DCI's Q2FY17 revenues de-grew 2% YoY (up 13% QoQ) to | 161 crore (I-direct estimate: | 144 crore). Other operating income continued to remain high at | 4.9 crore compared to a negligible amount in Q2FY16. Revenues for the quarter were adversely impacted by dry-dock (repairs), which were, to an extent, guarded by improved realisation EBITDA was significantly lower (more than halved) at | 11 crore (vs. our estimate: | 33.7 crore) compared to | 29 crore in Q1FY17 and | 45...
ICICI Securities Ltd | Retail Equity Research Shipping Corporation of India's (SCI) Q2FY17 revenues sequentially declined 9% (down 32% YoY) to | 759 crore (I-direct estimate: | 812 crore). Revenues across all segments drastically declined with offshore segment (5% of total revenues) declining the most by 58%. In addition to the same, earning from tanker (74% of total revenues), liner (14% of total revenues) and bulk segment (7% of total revenues) de-grew 29%, 24% and 16%, respectively...
ICICI Securities Ltd | Retail Equity Research Gesco's Q2FY17 revenues de-grew 21% YoY to | 814 crore (I-direct estimate: | 786 crore). On the account of historical low utilisation levels for offshore segment, revenues for this business continue to degrow by 20% YoY to | 383 crore. However, adding to woes were shipping revenues that de-grew 11% YoY to | 580 crore. Revenue...
Dredging corporation of India (DCI) Q1FY17 operating revenues degrew 21% (down 24% QoQ) to | 132 crore. However, due to write back of repair liability to an extent of | 6 crore accounted in other operating income the de-growth in total revenues moderated to 15% YoY (down 19% QoQ) to | 142 crore (I-direct estimate: | 171.4 crore) . Following the lower execution, EBITDA for the quarter was impacted by higher fixed costs. Subsequently, EBITDA declined by 37% YoY (down 46% QoQ) to | 29 crore (I-direct estimate: | 46.7 crore) . Dismal operating performance coupled with continued higher depreciation resulted a PAT of | 4 crore (I-direct estimate: | 19 crore) as compared to | 46 crore in Q1FY16 and | 54 crore in Q4FY16.
Although, DCI added three new three new maintenance dredgers since 2012, the revenues grew maintenance dredgers since 2012, the revenues grew by mere 8% CAGR by mere 8% CAGR over FY12 to FY16. The over FY12 to FY16. The proceeds from proceeds from proceeds from Sethusamudram project Sethusamudram project Sethusamudram project to the tune of tune of | 300 -400 crore 400 crore 400 crore is taking long time to accrue. I is taking long time to accrue. I is taking long time to accrue. Indigenization of ndigenization of spares for spares from BEML and improved efficiency spares for spares from BEML and improved efficiency due to due to refurbishment of aged dredgers would remain key for margins. margins. Given the Given the incessant deterioration in revenues incessant deterioration in revenues in revenues we revise our esti we revise our esti we revise our estimates downwards mates downwards and reduce our target price to | 425 with a HOLD and reduce target price to | 425 with a HOLD rating. rating.
Shipping Corporation of India’s (SCI) Q1FY17 results were below our estimates across all parameters. Revenues sequentially declined 13% (down 23% YoY) to | 841 crore (I-direct estimate: | 971 crore). Revenues from the liner segment approximately halved to | 90 crore in Q1FY17 compared to | 164 crore in Q1FY16. Revenues for tankers, bulk, offshore segments de-grew 17%, 26%, 36%, respectively • Higher cargo handling expenses coupled with increased repairs and maintenance charges adversely impacted EBITDA, which de-grew 40% YoY (down 28% QoQ) to | 214 crore (I-direct estimate | 272 crore). Subsequently, EBITDA margins were negatively impacted by 754 bps YoY (down 531 bps QoQ) to 25.4% (vs. our estimate of 28%).
Valuation: They believe that a ramp up in this subsidiary remains key for an upgrade. However, given the current subdued scenario, They continue to retain HOLD recommendation on the stock with a target price of | 63.
ICICI Securities Ltd | Retail Equity Research Gesco's Q1FY17 revenues de-grew 16% YoY (down 8% QoQ) to | 808 crore (I-direct estimate: | 936 crore). Offshore revenues continued to decline for a fourth consecutive quarter. Offshore revenues for Q1FY17 de-grew 18% YoY (down 4% QoQ) to | 402 crore. However, due to a decline in tanker rates, shipping revenues de-grew 10% YoY (down 3% QoQ) to | 497 crore. Revenue days for shipping and offshore segment was at 2915 days and 1983, respectively...
ICICI Securities Ltd | Retail Equity Research Gesco's results for Q4FY16 were significantly lower than our estimates. Revenues remained flattish YoY (down 8% QoQ) to | 877...
ICICI Securities Ltd | Retail Equity Research SCI's Q3FY16 result was below our estimate on the back of the dual impact on revenue and margins due to higher dry docking. Revenue...
