Great Eastern Shipping declares highest ever dividend of ₹28.80 in FY23, PAT up 282% YoY, FIIs stake up in Q4

The Great Eastern Shipping Company Ltd is a mid-cap shipping firm with a market capitalization of ₹9,996.66 Cr as of Friday's close. The company announced its highest-ever consolidated net profits of INR 2,575 Cr, a rise of 68% in consolidated NAV to INR 1164/share in FY23, and the highest-ever dividend issued for a year of INR 28.80/share in FY23. 

“The Board has declared 4th interim dividend of Rs. 9/- per share for the financial year ended March 31, 2023 to the equity shareholders of the Company. The ‘Record Date’ fixed for the purpose of ascertaining the shareholders eligible for receiving interim dividend is May 24, 2023. The interim dividend will be paid to the shareholders on or after June 06, 2023,” said The Great Eastern Shipping Company in a stock exchange filing.

The company has reported a consolidated total income of Rs.1550.72 crores during the quarter ended March 31, 2023 as compared to Rs.983 crores during the quarter ended March 31, 2022, representing a YoY growth of 57.75%. During Q4FY23, its consolidated net profit stood at ₹721.94 Cr up by 282.04% YoY from ₹188.97 Cr in Q4FY22. The Great Eastern Shipping Company said its consolidated EPS reached ₹50.47 during the quarter under review up by 287.93% YoY from ₹13.01 in January to March 2022 quarter. Its consolidated EBITDA was ₹942 Cr in Q4FY23 as compared to ₹453 Cr in Q4FY22.

Mr. Bharat K Sheth Deputy Chairman & Managing Director of The Great Eastern Shipping Company said “The Company continued its strong performance in this quarter as well. The company declared a fourth dividend for the year, making a total of Rs. 28.80 per share for FY 2022-23. Tanker markets continued the strong run that began in March 2022. As expected, dry bulk markets were weak during the period in line with the usual seasonal pattern.”

“Tanker asset prices are now at their highest level since 2009, and even bulker values went up slightly during the quarter despite the low spot earnings. The optimism caused by the low level of the order book is probably helping to keep asset prices firm. The Consolidated NAV has reached ₹1164 per share. The 70% rise in the year is due both to asset value increases and very strong cash profits,” Bharat K Sheth further added.

“The offshore market has also strengthened during the year, and recent contract pricings have been at significantly higher levels than previously. While we continue to enjoy the strong rates in the tanker market, we must keep in mind that recessionary pressures may be building up in some advanced economies,” he further stated.

The shares of The Great Eastern Shipping Company closed today on the NSE at ₹682.70 apiece down by 0.03% from the previous close of ₹682.90. The stock touched a 52-week-high of ₹748.90 on (21-Dec-2022) and a 52-week-low of ₹360.05 on (27-Jun-2022). During Q4FY23, the company reported promoters shareholding of 30.08%,  FIIs stake of 25.94%, DIIs stake of 17.04%, Govt stake of 0.01% and a public stake of 26.93%. According to Trendlyne data, promoters' holdings of The Great Eastern Shipping Company have remained the same at 30.07% in the March 2023 quarter, FII/FPI holdings grew from 25.07% in the December 2022 quarter to 25.94% in the March 2023 quarter, mutual funds stake plummeted from 16.58% in Q3FY23 to 16.26% in Q4FY23, and institutional investors raised their stake from 42.22% to 43.00%.