Shares of this shipping company zoomed over 5% after announcing the Q2FY23 result

Net profit of the Great Eastern Shipping Company jumps 244%, the company also declared a dividend of 7.20 per share.

On November 14, shares of Great Eastern Shipping Ltd opened at Rs 608.90 and zoomed 5.04% from the previous close of Rs 579.65. The surge was on account of quarterly result announced by the company for Q2FY23.

In its investor presentation, the Great Eastern Shipping reported a consolidated revenue of Rs 1447.45 crore with YoY growth of 63.55% from Rs 885.01 crore. Profit after tax (PAT) rose to Rs 769 crore rising 244% from Rs 223 crore on a YoY basis while QoQ growth stood at 68.21% from Rs 457 crore. The company reported EBITDA of Rs 1019 crore, up from Rs 453 crore from the same quarter of the previous year, with YoY growth of 124.94%. The EPS grew Rs 53.85 per share compared to Rs 15.18 in Q2FY22. The company has also declared a dividend of Rs 7.20 per share.

In its exchange filing, the company said, “The Board has declared an interim dividend of Rs 7.20 per share to the equity shareholders. The company has fixed November 23, 2022, as the ‘Record Date’ for the purpose of ascertaining the shareholders eligible for receiving the interim dividend. The interim dividend will be paid to the shareholders on or after December 06, 2022."

The Great Eastern Shipping Company Ltd is India's largest private sector shipping company which is in the business of transportation of liquid, gas and solid bulk products. The company is divided into two segments: shipping and offshore. 81% of the company’s revenue comes from the bulk shipping business which accounts for the transportation of crude oil, petroleum, gas and dry bulk commodities. The offshore service business is led by the company’s wholly-owned subsidiary Greatship India Ltd which provides offshore oilfield services with the principal activity of owning and/or operating offshore supply vessels and mobile offshore drilling rigs.