Shipping stock specializing in providing products and services like Ship Management, Vessel Ownership, Marine Services, Project management, Port services, and many more hit a 10 percent upper circuit upon receiving a work order worth Rs. 102 Crores from ONGC.
Price Action
With a market capitalization of Rs. 992 Crores, the shares of ABS Marine Services Limited hit a 10 percent upper circuit at Rs. 404.30 per equity share, from its previous day’s close price of Rs. 367.55
What Happened
ABS Marine Services Limited has commenced a contract agreement with Oil and Natural Gas Corporation Limited (ONGC) for the Charter Hire of an Offshore Supply Vessel for a consideration of ~USD 12.29 Million USD or Rs. 102 Crores and the supply vessel is hired for 3 years.
About the company
ABS Marine Services Limited specializes in providing products and services like Ship Management, Vessel Ownership, Marine Services, Project management, Port services, and many more.
ABS Marine Services Limited has 30 years of experience across four business verticals with a team size of 55 shore staff, 500 floating staff onboard, and 2,000 floating staff in the pool, with 5 owned ships and 36 vessels under management. It has an international presence in delivering services through offices strategically positioned in Mumbai, Kochi, Singapore, and a satellite office in Kakinada.
It has a strong clientele base with well-known players like NTPC, Andaman & Nicobar Administration, Oil and Natural Gas, Bharat Petroleum, The Great Eastern Shipping, Port of Chennai, Naftogaz Group and many others.
Financials and Ratios
Its revenue from operations grew by 21.13 percent from Rs. 112 Crores in FY23 to Rs. 135 Crores in FY24, accompanied by profits of Rs. 10 Crores to Rs. 25 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 23 percent, and a return on capital employed (ROCE) of 20 percent. It has reported a debt-to-equity ratio of 0.39.
Written by: Bharath K.S
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