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					                                                                                              Regd off: Laxmi Building, 6, Shoorji Vallabhdas Marg, Ballard Estate, Mumbai - 1
VARUN SHIPPING COMPANY LIMITED                                                                E-Mail:    investors@varunship.com
                                                                                              Web site: www.varunship.com
                                                                                              Telephone: (022) 6635 0100/09 Fax: (022) 6635 0274
SHIPPING                                                                          KHATAU      Tr agent: Datamatics Financial, Plot A 16-17, Cross Lane, MIDC, Mumbai - 93
Chairman: Arun Mehta (M.D)                                                       SEC: Manali Parekh                                     AUD: Sorab S. Engineer & Co.
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
 1971   500465            VRNS:IN     10            60.0          2.3              -10.6        7.6          2.4          8.3          9,450.0              206.3       INE702A01013
SHAREHOLDING                                                     FX Transaction (FY09)                               ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 24.3%               Exports (fob)          Rs m        0                 (Rs)
Foreign collaborators      : 22.2%               Imports (cif)          Rs m        0
Indian inst/Mut Fund       :  5.2%               Fx inflow              Rs m        0           120
FIIs/GDR                   : 14.8%               Fx outflow             Rs m        0                                                                        DAILY
Free float                 : 33.5%               Net fx                 Rs m        0
Shareholders               : 85,956                                                                                                                          100 DMA

                           No. of months                  12            12              12       90
                             Year ending            31/03/07      31/03/08        31/03/09
EQUITY SHARE DATA
High                                  Rs                  99            111              88
Low                                   Rs                  50             51              38
Sales per share                       Rs                47.9           63.0           64.3       60
Earnings per share                    Rs                10.3           15.2             8.3
Cash flow per share                   Rs                21.7           29.3           26.4
Dividends per share                   Rs                4.50           5.00           5.00
Dividend yield (eoy)                  %                  6.0            6.2             7.9
                                                                                                 30
Book value per share                  Rs                53.1           63.0           56.3
Shares outstanding (eoy)              m              142.76         150.01         150.01        Aug-06              Jun-07            Feb-08              Nov-08            Aug-09
Bonus/Rights/Conversions                              PI,WC             WC                -
Price / Sales ratio                   x                   1.6            1.3            1.0                               No. of months                12            12            12
Avg P/E ratio                         x                   7.2            5.3            7.6                                 Year ending          31/03/07      31/03/08      31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                   3.4            2.8            2.4
Price / Book Value ratio              x                   1.4            1.3            1.1    From Operations                         Rs   m      3,087             6,644      2,762
Dividend payout                       %                 43.7           33.0           60.4     From Investments                        Rs   m     -7,977            -9,038     -6,594
Avg Mkt Cap                           Rs m            10,636         12,151          9,451     From Financial Activity                 Rs   m      5,187             2,376      4,092
No. of employees                      `000                  1              1              1    Net Cashflow                            Rs   m        297               -18        260
Total wages/salary                    Rs m               808            992          1,205
Avg. sales/employee                   Rs Th         11,465.7       13,019.3       13,664.3                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th          1,353.4        1,366.4        1,706.8                                           2QFY09  3QFY09            4QFY09         1QFY10
Avg. net profit/employee              Rs Th          2,462.3        3,135.0        1,757.8     Net sales                   Rs    m     2,569   2,648             2,624          2,222
                                                                                               Gross profit                Rs    m     1,356   1,480             1,440          1,187
INCOME DATA                                                                                    Gross profit margin         %            52.8     55.9             54.9           53.4
Net Sales                             Rs     m         6,845            9,452        9,647     Net profit                  Rs    m       443      511                61            18
Other income                          Rs     m            20               48           28     Net profit margin           %            17.2     19.3               2.3            0.8
Total revenues                        Rs     m         6,865            9,500        9,675
Gross profit                          Rs     m         3,823            5,731        5,132                                           KEY DATA
Depreciation                          Rs     m         1,629            2,120        2,712     Parameters                          Unit             FY07             FY08       FY09
Interest                              Rs     m         1,192            1,395        1,455     Vessels                             Nos                 19               20         21
Profit before tax                     Rs     m         1,022            2,264          993     LPG                                 % of sales        72.8             62.7       57.7
Minority Interest                     Rs     m              0                0            0    Tankers (crude and product)         % of sales        22.0             17.8       22.6
Prior Period Items                    Rs     m              0                0            0    Time charter                        % of sales        32.8             58.8       50.0
Extraordinary Inc (Exp)               Rs     m           518               36          291     Pool charter                        % of sales        40.0             24.6       22.8
Tax                                   Rs     m            70               24           43
                                                                                                                                      NOTES
Profit after tax                      Rs     m         1,470            2,276        1,241
Gross profit margin                   %                 55.9             60.6         53.2    Varun Shipping Company (VSC) is the largest LPG tanker operator in the country,
Effective tax rate                    %                   6.8              1.1          4.3   accounting for 84% of the total LPG tonnage (on dwt basis) under the Indian flag. In
                                                                                              addition to LPG, VSC has presence in crude products and offshore segments. The
Net profit margin                     %                 21.5             24.1         12.9
                                                                                              current fleet comprises 11 LPG carriers, 3 crude oil tankers and 7 AHTS (anchor
BALANCE SHEET DATA                                                                            handling towing and supply vessels). VSC's LPG fleet is the largest in India in terms
                                                                                              of both fleet size and cargo carrying capacity. During the year the company
Current assets                        Rs m             1,811         1,552           2,849    completely phased out all its single hull vessels. Towards the end of the year the
Current liabilities                   Rs m               878         1,575           1,409    company acquired two more Anchor Handling Towing and Supply (AHTS) vessels.
Net working cap to sales              %                 13.6           -0.2           14.9
Current ratio                         x                   2.1           1.0             2.0   On a consolidated basis, its topline grew by 7.5% YoY led by the 58% YoY growth in
Inventory Turnover                    Days                  2             5               5   revenues of LPG carriers. The slow pace of growth was the result of lower utilisation
Debtors Turnover                      Days                28            22               23   rate of 79.7% in FY09 as against 95.52% in FY08. Operating margins declined by
Net fixed assets                      Rs m            24,385        31,243          35,361    5.6% in FY09 as costs outpaced growth in the topline. The company has started
Share capital                         Rs m             1,482         1,500           1,500    entering into fresh contracts at lower rates and thus in near term margins would
"Free" reserves                       Rs m             4,884         6,282           5,088    remain depressed. Net profit declined by 45.6% YoY on account of a poor show at
                                                                                              the operating level, higher depreciation costs and absence of exchange gain.
Net worth                             Rs m             7,574         9,450           8,449
Long term debt                        Rs m            17,875        21,980          28,468    With the financial crisis and downturn of economic activity, the new building orders
Total assets                          Rs m            26,401        33,017          38,442    post September 2008 have slowed down considerably or almost halted. Increase in
Interest coverage                     x                   1.9           2.6             1.7   oil consumption by developing economies is likely to support the growth of the
Debt to equity ratio                  x                   2.4           2.3             3.4   industry going forward. VSC's move to expand fleet capacity will enable it maintain
Sales to assets ratio                 x                   0.3           0.3             0.3   growth pace and market share. The threat of oversupply in one particular sector may
Return on assets                      %                 10.5          11.7              7.3   be hedged by VSC's diversified expansion into high end sectors. While VSC is well
Return on equity                      %                 19.4          24.1            14.7    positioned domestically and internationally in terms of tonnage, the cost
Return on capital                     %                 10.7          11.8              7.4   disadvantages (on account of tax disincentives - direct and indirect) are not providing
Exports to sales                      %                   0.0           0.0             0.0   a level playing field.
Imports to sales                      %                   0.0           0.0             0.0
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