This leading Indian shipping company which is engaged in offshore shipping industry, oilfield services, and Diving Support Vessels (DSV), share prices went down by 4.9 percent on Tuesday’s afternoon trading session at 12:00 pm., after the company announced to extend their current work order by 30 days for their international client.
With a market capitalization of Rs 2,628.31 Crores, the shares of Seamec Ltd were down, close to 5 percent trading at Rs 1,002 a piece and also down by 4.9 percent from a previous closing price of Rs 1,054.10 per share to today’s current price of Rs 1,002.00 per share.
Seamec Ltd announced that the deployment of its vessel named “ Seamec Swordfish” with the international Saudi Arabian Client ‘Zamil Offshore Services Company’ is extended for a further period of 30 days starting from 25th May 2024.
Also, the Charter rate is enhanced from USD 55,900 per day to USD 57,900 per day for the extended period. The size of the addendum is USD 1.737 million.
Taking the company’s financials into consideration, the firms revenue from operations went up by 10.7 percent from Rs.213 crores in Q3FY24 to Rs. 236 crores in Q4FY24. The net profit of the company decreased by 5.3 percent from Rs. 56 crores in Q3FY24 to Rs. 53 crores in Q4FY24.
On a YoY basis, the revenue from operations increased by 66.8 percent from Rs 437 crores in FY 2022-23 to Rs. 729 crores in FY 2023-24. Simultaneously, the net profits have zoomed by 288.8 percent from Rs. 34 crores to Rs 121 crores for the same time period.
On an annual basis, the EBITDA of the company rose by 121 percent from Rs 131 crores in FY2022-23 to Rs 290 crores in FY2023-24.
The Key ratios for the financial year FY2023-24 stood at , starting from Net debt/equity being 0.04x, Return of capital employed at 17 percent, and Return on equity at 21 percent.
The company’s asset portfolio includes vessels termed Seamec II, Seamec III, Seamec Princess, Seamec Paladin and Seamec Swordfish.
Incorporated in 1986, Seamec Ltd is engaged in the business of offshore shipping industry, providing oilfield services and Diving Support Vessels (DSV) in India and abroad. The Company provides DSVs and Turnkey subsea solutions and the provision of Divers and ROVs etc., as well as third-party vessel management services for DSVs.
Written By Zahal
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