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					                                                                                             Regd off: Ocean House, 134 / A, Dr. Annie Besant Road, Worli, Mumbai - 400 018
GREAT EASTERN SHIPPING CO. LTD.                                                              E-Mail:    shares@greatship.com
                                                                                             Web site: www.greatship.com
                                                                                             Telephone: (022) 6661 3000 Fax: (022) 2492 5900
SHIPPING                                                                          SHETH      Tr agent: Sharepro, Satam Estate, 3rd Floor, Chakala, Andheri (E), Mumbai-99
Chairman: K. M. Sheth                                                           SEC: Jayesh M. Trivedi                                  AUD: Kalyaniwalla & Mistry
Yr of Inc   B. Code       BL. Code     F.V.         Price        % ch 1-m       % ch 12-m      P/E      P/CF             Yield         Mkt cap                Vol.              ISIN
 1948   500620            GESCO:IN     10           283.3          9.4            -24.6        3.0          2.4           2.8          43,135.9              228.0         INE017A01032
SHAREHOLDING                                                      FX Transaction (FY09)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 30.2%                Exports (fob)          Rs m        0               (Rs)
Foreign collaborators      :   0.0%               Imports (cif)          Rs m        0
Indian inst/Mut Fund       : 15.4%                Fx inflow              Rs m        0         600
FIIs/GDR                   : 19.2%                Fx outflow             Rs m        0
Free float                 : 35.2%                Net fx                 Rs m        0                                                                                 DAILY
Shareholders               : 104,274                                                           450                                                                     100 DMA
                           No. of months                   12            12            12
                             Year ending             31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                               300
High                                   Rs                 353            572          537
Low                                    Rs                 171            194          139
Sales per share                        Rs               142.3          218.4        254.1
Earnings per share                     Rs                59.9           95.4         93.1      150
Cash flow per share                    Rs                77.5          118.8        118.3
Dividends per share                    Rs               11.50          15.00         8.00
Dividend yield (eoy)                   %                  4.4            3.9           2.4
                                                                                                 0
Book value per share                   Rs               205.3          284.5        343.6
Shares outstanding (eoy)               m              152.27         152.27       152.29         Aug-06             Jun-07             Feb-08               Nov-08               Aug-09
Bonus/Rights/Conversions                                     -              -         WC
Price / Sales ratio                    x                   1.8            1.8          1.3                                No. of months                 12            12               12
Avg P/E ratio                          x                   4.4            4.0          3.6                                  Year ending           31/03/07      31/03/08         31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                       x                   3.4            3.2          2.9
Price / Book Value ratio               x                   1.3            1.3          1.0    From Operations                          Rs   m      10,205             17,984       20,589
Dividend payout                        %                 19.2           15.7          8.6     From Investments                         Rs   m     -13,969            -20,089      -16,540
Avg Mkt Cap                            Rs m            39,895         58,319       51,474     From Financial Activity                  Rs   m       1,312              2,823        5,112
No. of employees                       `000                  1              1            1    Net Cashflow                             Rs   m      -2,452                719        9,161
Total wages/salary                     Rs m             1,843          2,465        3,031
Avg. sales/employee                    Rs Th         22,958.7       59,076.4     76,021.6                                        INTERIM RESULTS
Avg. wages/employee                    Rs Th          1,952.3        4,378.3      5,954.8                                            2QFY09  3QFY09              4QFY09          1QFY10
Avg. net profit/employee               Rs Th          9,665.5       25,813.5     27,854.6     Net sales                    Rs    m     8,641   7,288               5,343           5,877
                                                                                              Gross profit                 Rs    m     5,180   3,315               1,685           3,206
INCOME DATA                                                                                   Gross profit margin          %            59.9     45.5               31.5            54.6
Net Sales                              Rs     m        21,673        33,260        38,695     Net profit                   Rs    m     5,254   2,559               1,114           2,237
Other income                           Rs     m         1,136         1,474         1,585     Net profit margin            %            60.8     35.1               20.8            38.1
Total revenues                         Rs     m        22,809        34,734        40,280
Gross profit                           Rs     m        10,622        15,760        16,096                                            KEY DATA
Depreciation                           Rs     m         2,684         3,551         3,840     Parameters                           Unit              FY07              FY08         FY09
Interest                               Rs     m         1,046         1,568         1,759     Vessels                              Nos                  45                46           37
Profit before tax                      Rs     m         8,028        12,115        12,082     Tonnage                              mdwt                 3.3               3.1          2.9
Minority Interest                      Rs     m             -1             0             0    Operating days                       Days             14,922            17,017       14,545
Prior Period Items                     Rs     m            54             -2          101     Avg. age of fleet                    Years              12.2              11.0         10.3
Extraordinary Inc (Exp)                Rs     m         1,368         2,894         2,449     Crude oil fleet capacity             % of total         57.1              50.1         53.5
Tax                                    Rs     m           325           474           454
                                                                                                                                      NOTES
Profit after tax                       Rs     m         9,124        14,533        14,178
Gross profit margin                    %                 49.0          47.4          41.6    Great Eastern Shipping (GES) is the largest private sector shipping company in India.
Effective tax rate                     %                   4.0           3.9           3.8   Currently, the company has a fleet of 37 vessels, including 31 tankers (12 crude
                                                                                             carriers, 18 product carriers and 1 gas carrier) and 6 dry bulk carriers, with an
Net profit margin                      %                 42.1          43.7          36.6
                                                                                             aggregate tonnage of 2.88 m dead weight tonne. The company is predominantly
BALANCE SHEET DATA                                                                           focused in the crude and product transportation segment, which together account for
                                                                                             almost 80% of the total tonnage of the company (with the rest in the dry bulk
Current assets                         Rs m            15,378        15,794        27,134    segment).
Current liabilities                    Rs m             3,481         4,988        10,976
Net working cap to sales               %                 54.9          32.5          41.8    GES grew its sales by 10% YoY during FY09, which was largely a result of higher
Current ratio                          x                   4.4           3.2           2.5   average freight rates, given that the company recorded lesser number of revenue
Inventory Turnover                     Days                  6             7             7   days across all its vessel segments. The total revenue days for the fiscal stood 15%
Debtors Turnover                       Days                29            16            22    lower as compared to FY08. Apart from the general slowdown in business activity,
Net fixed assets                       Rs m            40,387        56,805        75,800    lesser revenue days were also due to reduction in the company's tonnage. As for the
Share capital                          Rs m             1,523         1,523         1,523    freight rates, the same were higher by 37% YoY and 4% YoY for its crude tankers and
"Free" reserves                        Rs m            22,090        34,265        43,290    dry bulk carriers respectively.
Net worth                              Rs m            31,260        43,317        52,321    For the current fiscal (FY10), GES' management sees demand outlook for oil to be
Long term debt                         Rs m            21,782        27,344        42,648    weaker than in FY09. It believes that contraction in world output is likely to depress
Total assets                           Rs m            57,360        75,774       105,956    energy consumption, more so in the energy intensive OECD countries. To add to this,
Interest coverage                      x                   8.7           8.7           7.9   high fleet growth will continue to cast its dark shadows. Both these factors put
Debt to equity ratio                   x                   0.7           0.6           0.8   together are likely to keep a pressure on the rates and utilisation levels for the crude
Sales to assets ratio                  x                   0.4           0.4           0.4   tanker segment. As for the dry bulk segment, the pressure on freight rate is expected
Return on assets                       %                 19.2          22.8          16.8    to continue given the contraction in demand for key commodities like steel, coking
Return on equity                       %                 29.2          33.6          27.1    coal, and iron ore.
Return on capital                      %                 19.8          23.5          17.3
Exports to sales                       %                   0.0           0.0           0.0
Imports to sales                       %                   0.0           0.0           0.0
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posted:11/6/2010
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