The shares of the leading Marine Services provider gained up to 5 percent after the company bagged a significant work order from Oil & Natural Gas Corporation worth Rs 27.97 crore.
Price Movement
With a market capitalization of Rs 235.68 crore, the shares of ABS Marine Services Limited were trading at Rs 96 per share, increasing around 4.18 percent as compared to the previous closing price of Rs 92.15 per share.
Reason for Rise
The shares of ABS Marine Services Limited have seen positive movement after bagging a significant work order from Oil & Natural Gas Corporation worth Rs 27.97 crore for Charter Hire of Offshore Supply Vessel.
Financial condition
Looking forward to the company’s financial performance, revenue increased by 21 percent from Rs 111 crore in FY22-23 to Rs 135 crore in FY23-24, during the same time, net profit jumped by 150 percent from Rs 10 crore to Rs 25 crore.
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Business Operations and Key Contracts
The company serves a diverse customer base that primarily includes the Government of India, large industrial concerns, public sector undertakings, port authorities, and private sector entities. They have also secured 10 strategic contracts with various government agencies. Among these contracts, a major one with the Ministry of Earth and Science (MOES) accounts for approximately 23.50% of the company’s revenue from operations.
Fleet Diversification
The company owns, manages, and operates a diverse fleet, including DP-2 multipurpose offshore supply vessels, anchor handling towing supply vessels, ocean and coastal research vessels, fishery research vessels, bulk carriers, gas tankers, oil tankers, passenger vessels, high-speed crafts, and harbor crafts.
This fleet diversification enables the company to secure chartering and ship management contracts across various industries. By offering vessels suited for different operational needs, it attracts a broad customer base, engaging in agreements of varying durations to optimize fleet utilization and revenue generation.
Company Profile
ABS Marine Services Ltd is an integrated shipping company offering vessel management services, including commercial management services. Starting with two offshore vessels, as of December 31, 2023, it owned five vessels.
Written by Abhishek Singh
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