Great Eastern Shipping Shares Gain After Reporting Record

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Credits: Mike B/ Pexels

Great Eastern Shipping Co. rose the most in over 10 weeks after the company reported its highest-ever net profit and dividend in the year ended March, says an article published on Bqprime.

Highest-ever net profit

Great Eastern Shipping Co.’s net profit rose 282.04% year-on-year to Rs 721.94 crore in the quarter ended March, according to an exchange filing.

The company earned its highest-ever net profit of Rs 2,575 crore on a consolidated basis in FY23, it said in its investor presentation.

Net asset value

The net asset value moved by 68% in FY23 to Rs 1,164 per share. Great Eastern Shipping Co. also announced its highest-ever dividend for the year at Rs 28.80 apiece.

  • Great Eastern Shipping Co. Q4 FY23 (Consolidated, year-on-year) Revenue up 58.92% at Rs 1,455.98 crore.
  • Ebitda up 119.39% at Rs 847.04 crore.
  • Ebitda margin at 58.18% vs. 42.14%.
  • Net profit is up 282.04% at Rs 721.94 crore.
  • The board declared a fourth interim dividend of Rs 9 per share for Q4, with a total of Rs 28.80 apiece for FY23, implying an aggregate outgo of Rs 128.49 crore in FY23.

Great Eastern Shipping Shares Gain The Most In 10 Weeks

Shares of Great Eastern Shipping Co. surged 7.23% to Rs 725.65 apiece, compared to a 0.34% advance in the benchmark NSE Nifty 50 as of 10:08 a.m. on Monday. The stock rose as much as 7.85% intraday, the most since March 2.

Analysts tracking

Total traded volume stood at 19.9 times its 30-day average. The relative strength index was at 71, implying that the stock may be overbought.

Two analysts tracking the company maintain a ‘buy’ rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 24.1%.

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Source: Bqprime