Friday, February 17, 2012

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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