ABG Shipyard Limited = QUARTERLY RESULTS = FOR Q3 FY 2012 = Q/E DEC 2011 = NET SALES UP 14.65% YoY; NPT DOWN 13% YoY

ABG Shipyard Limited

NSE Symbol        ABGSHIP

ABG SHIPYARD has announced the results for the third quarter ending Dec, 2011.

Net Sales in Q3 FY 12 stands at Rs.619.29 cr – up by 6.48% from Q2 FY 12; up by 18.5% from Q1 FY 12; and up by 14.65% from Q3 FY 11

Raw Materials in Q3 FY 12 stands at Rs.318.29 cr – up by 54.15% from Q2 FY 12; down by  -1.54% from Q1 FY 12; and up by 38.95% from Q3 FY 11

Other Expenditure  in Q3 FY 12 stands at Rs.121.54 cr – down by    -20.03% from Q2 FY 12; up by   25.09% from Q1 FY 12; and up by 20.36% from Q3 FY 11

Total Expenditure in Q3 FY 12 stands at Rs.492.85 cr – up by  5.41% from Q2 FY 12; up by     14.7% from Q1 FY 12; and up by 17.8% from Q3 FY 11

Profit from Operations in Q3 FY 12 stands at Rs.126.44 cr – up by 10.84% from Q2 FY 12; up by   36.06% from Q1 FY 12; and up by 3.82% from Q3 FY 11

Interest expense in Q3 FY 12 stands at Rs.51.35 cr – up by    18.4% from Q2 FY 12; up by     40.99% from Q1 FY 12; and up by         27.61% from Q3 FY 11

Profit  before tax in Q3 FY 12 stands at Rs.77.29 cr – up by    7.92% from Q2 FY 12; up by     30.36 % from Q1 FY 12; and down by -5.26% from Q3 FY 11

Tax expense in Q3 FY 12 stands at Rs.30.82 cr – up by   32.62% from Q2 FY 12; up by        60.27% from Q1 FY 12; and up by         9.56% from Q3 FY 11

Net Profit in Q3 FY 12 stands at Rs.46.47 cr – Down   by         -3.95% from Q2 FY 12; up by     16% from Q1 FY 12; and down by -13.06% from Q3 FY 11

Face Value of the share is Rs.10 and the Paid Up Equity is Rs.50.92 Cr

Basic EPS stands at Rs.9.13 in Q3 FY 12; Rs.9.5 in Q2 FY 12; Rs.7.87 in Q1 FY 12; and Rs.10.5 in Q3 FY 11.

Annual EPS is likely to be around Rs.35.63.

The current Market price is Rs.437 , while the  52 week high price is Rs.463.40 and the 52 week low price  is Rs.322.

The PE ratio on this basis is 13.26

ANNOUNCEMENTS BY ABG S

01-02-2012        ABG Bags Order For Construction of 6 No. Bollard Pull AHTS Vessels Worth USD 101.40 Million (Approx. Rs.500 Crores) from Shipping Corporation of India Ltd (SCI).

27-12-2011        "We ABG International Private Ltd., promoters of ABG Shipyard Ltd. have acquired 1,00,000 equity shares of the ABG Shipyard Limited as on 23rd December, 2011, through open market transaction".

Annual report FY 2011

Outlook

As much as 40% of the ships will need to be replaced over next 5 years owing to more than 20 years of age and mandatory IMO regulation phasing out single hull tankers.

With GOI decision to open up Defence sector contracts to private participation and given the size of defence sector contracts, there is a huge new area of opportunity for private sector for ship building.

Government is reportedly considering the revival of the earlier subsidy scheme with some changes.

RESULTS TABLE

ABG SHIPYARD	31-Dec-11	30-Sep-11	%DIF1	30-Jun-11	%DIF2	31-Dec-10	%DIF3
Net Sales	61929	58161	6.48	52260	18.5	54018	14.65
Increase in SIT / WIP	697	6750	-89.67	-3280	-121.3	5519	-87.37
Raw Materials	31829	20648	54.15	32326	-1.54	22907	38.95
Employees Cost	2044	1720	18.84	1908	7.13	1578	29.53
Depreciation	2561	2438	5.05	2297	11.49	1737	47.44
Other Expenditure	12154	15198	-20.03	9716	25.09	10098	20.36
Total Expenditure	49285	46754	5.41	42967	14.7	41839	17.8
Profit from Operations	12644	11407	10.84	9293	36.06	12179	3.82
Other Income	220	92	139.1	278	-20.86	3	7233.33
Interest	5135	4337	18.4	3642	40.99	4024	27.61
Profit  before tax	7729	7162	7.92	5929	30.36	8158	-5.26
Tax expense	3082	2324	32.62	1923	60.27	2813	9.56
Net Profit	4647	4838	-3.95	4006	16	5345	-13.06
Face Value (In Rs	10	10	0	10	0	10	0
Paid Up Equity	5092	5092	0	5092	0	5092	0
Basic EPS	9.13	9.5	-3.89	7.87	16.01	10.5	-13.05
Public holding (%)	38.17	38.33	-0.42	38.33	-0.42	39.65	-3.73

  

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