Pipavav Shipyard Limited
NSE Symbol PIPAVAVYD
Q1 FY 11 results
ANALYSIS
Pipavav ship yard limited has produced better results in Q/E June 2010 compared to the previous quarter of Q/E March 2010.
As can be seen from the figures below, the company has improved its performance on all parameters, though it still continues to incur LOSSES, which have come down in the quarter.
As per a news in June 2010, Pipavav Shipyard, the country’s largest ship-building facility in the private sector, has bagged a Rs 2,600-crore contract to build offshore patrol vessels for the Indian Navy. The shipyard located in Gujarat will be constructing about five such vessels. With this,the company’s order books have swelled to over Rs 7,000 crore.
As per various news in July’10 - SKIL Infrastructure Ltd has acquired 5.25% more stake in Pipavav Shipyard Ltd to raise its stake to 38.45%.In a filing to the Bombay Stock Exchange, the company said it acquired 35 million equity shares through open offer. The company earlier held 221 million shares or 33.2% stake in Pipavav.
Pipavav Shipyard is in the business of building large dry-bulk carriers, popularly known as Panamax , and offshore vessels for oil exploration companies . It also manufactures ships for the Indian Navy. At present it is constructing 21 Panamax vessels for export and 12 offshore support vessels for ONGC. It is likely to consider a name change to reflect its actual activities.
Thus, the future of Pipavav appears to be secure. Current Market price is around Rs,116.
RESULTS IN FIGURES :PIPAVAVSHIPYARD | Jun-10 | Dec-09 |
Net Sales | 17602.26 | 16759.22 |
SIT & WIP | -650.2 | 1405.64 |
Raw Materials | 6918.29 | 15078.02 |
Traded Goods | 1642.08 | - |
Employees Cost | 628.7 | 544.19 |
Depreciation | 1176.8 | 891.75 |
Total Exp Excl.OE | 9715.67 | 17919.6 |
Other Expenditure | 7825.56 | 2245.99 |
Total Expenditure | 17541.23 | 20165.59 |
Profit from Operations | 61.03 | -3406.37 |
Other Income | 1252.88 | 1094.65 |
Profit before I & EI | 1313.91 | -2311.72 |
Interest6 | 2292.89 | 1670.33 |
Profit A I BB EI | -978.98 | -3982.05 |
P B T | -978.98 | -3982.05 |
P A T | -978.98 | -3982.05 |
Net Loss | -978.98 | -3982.05 |
Dividend (%) | - | - |
Face Value.Rs | 10 | 10 |
Paid Up Equity | 66579.84 | 66579.84 |
Reserves | - | - |
Basic EPS | -0.15 | -0.63 |
Public Shareholding (%) | 55.18 | 60.44 |
ANNOUNCEMENTS
TO THE EXCHANGE
3-07-2010 JM Financial Consultants Pvt Limited has submitted to the Exchange a copy of the post offer public announcement published on July 10, 2010 with respect to Open offer for acquisition of shares from shareholders of Pipavav Shipyard Limited (the "Target Company") by SKIL Infrastructure Limited ("SKIL") and SKIL Shipyard Holdings Pvt Limited (SSHPL and together with SKIL "Acquirers ") under SEBI (SAST) Regulations.
09-07-2010 Pipavav Shipyard Limited has informed the Exchange that "One of our Customers viz. Golden Ocean Group Limited had referred the shipbuilding contracts to arbitration,and that both parties were exploring the option of resolving the issue bilaterally. We are pleased to inform you that negotiations with the said Golden Ocean Group Limited and its two associate/group companies ('GOGL') have been concluded successfully. Please note that GOGL has withdrawn arbitration proceedings initiated against the Company referred to in our letter dated December 18, 2009".
02-07-2010 Pipavav Shipyard Limited has informed the Exchange that as part of strategic corporate restructuring Mr. Jai Prakash Rai, the ex-Chief Executive Officer of Pipavav Shipyard Limited ('the Company') has moved as Group Chief Executive Officer of SKIL Infrastructure Limited, the promoters of the Company w.e.f. July 1, 2010. Further, Cmde (Retd) M. Jitendran, VSM has been appointed as the Chief Executive Officer of the Company w.e.f. July 1, 2010. Prior to joining the Company, Cmde (Retd) M. Jitendran was the Chairman & Managing Director of Cochin Shipyard Limited for around eight years. Before that, Cmde (Retd) M. Jitendran had a distinguished career with Indian Navy. The Management believes that the Company would immensely benefit from the leadership qualities, rich experience and expertise, as a shipbuilder, of Cmde (Retd) M. Jitendran. -
03-06-2010 Pipavav Shipyard Limited has informed the Exchange that the following business, as set out in the Notice, was transacted at the Extraordinary General Meeting held on May 05, 2010, by the Members of the Company: (1) Increase in the borrowing powers of the Company to Rs.2500 Crores; (2) Authority to the Board of Directors('Board')/a duly authorised Committee thereof ('Committee') to issue of 2,54,00,000, 10% Fully, Compulsorily and Mandatorily Convertible Unsecured Debentures to the proposed allottees mentioned in the Notice, with liberty to the Board/Committee to vary, modify or alter any of the terms and conditions of such issue as deemed fit; and (3) Amendment of the Articles of Association of the Company by inserting suitable Articles to facilitate the above-mentioned Issue of Debentures. -
29-05-2010 Pipavav Shipyard Limited has informed the Exchange that the Board at its meeting held on May 28, 2010, (1) The Board ratified and approved issue and allotment of 25,400,000 (Twenty Five Million Four hundred thousand) 10% Fully, Compulsory and Mandatorily Convertible Unsecured Debentures of Rs. 70/- (Rupees Seventy only) each to Valiant Mauritius Partners FDI Limited, an entity of Valiant Mauritius Group by the Securities Allotment and Transfer Committee of the Board in accordance with other terms and conditions approved by the shareholders at the Extra-Ordinary General Meeting held on May 5, 2010. (2) Noted that ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certificates have been awarded to the Company.
13-04-2010 News Verification : The media had reports that Pipavav Shipyard Limited has cancelled 2 ship orders worth $ 75 Mn. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Pipavav Shipyard Limited has vide its letter inter-alia stated," The reports in the media that the Company has cancelled 2 ship orders worth $75 millions is false and baseless."
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