Great Eastern Shipping : Q2FY23 Results

Our Ref.: S/2022/JMT	November 11, 2022
BSE Limited	National Stock Exchange of India Limited
1st Floor, Phiroze Jeejeebhoy Towers,	Exchange Plaza, 5th Floor, Plot No. C/1,
Dalal Street,	Bandra Kurla Complex, Bandra (East),
Mumbai - 400 001	Mumbai - 400 051
BSE Scrip code: 500620	Trading Symbol - GESHIP

This is to inform you that the Board of Directors at their meeting held today, i.e. November 11, 2022 have considered and taken on record the Unaudited Financial Results (Provisional) for the quarter and half year ended September 30, 2022.

Copy of the results together with the Limited Review Report is attached. The same will be published in the newspapers as required.

The Board has declared an interim dividend of Rs. 7.20/- per share to the equity shareholders of the Company.

The Company has fixed November 23, 2022 as 'Record Date' for the purpose of ascertaining the shareholders eligible for receiving the interim dividend. The interim dividend will be paid to the shareholders on or after December 06, 2022.

The meeting of the Board of Directors commenced at 05:45 p.m. and the day's proceedings concluded at 8.50 p.m.

You are requested to take note of the above.

Thanking You,

Yours faithfully,

For The Great Eastern Shipping Co. Ltd.

JAYESH M TRIVEDI

Digitally signed by JAYESH M TRIVEDI

Date: 2022.11.11 20:52:39 +05'30'

Jayesh M. Trivedi

President (Secl. & Legal) & Company Secretary

Email ID: [e-mail]

www.greatship.com

THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018.

Website : www.greatship.com, Email : [e-mail], CIN : L35110MH1948PLC006472

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2022

											(Rs. in crores)
	Particulars			Quarter Ended			Half Year Ended		Year Ended
				30.09.2022	30.06.2022	30.09.2021		30.09.2022	30.09.2021		31.03.2022
				(UNAUDITED)	(UNAUDITED)	(UNAUDITED)		(UNAUDITED)	(UNAUDITED)		(AUDITED)
1.	Revenue from operations		1447.45	1366.00	885.01		2813.45	1654.19		3508.94
2.	Other income
	(a) Profit on sale of ships and other assets (net)		116.91	0.24	35.52		117.15	47.86		53.12
	(b)	Other income		135.99	31.40	32.26		167.39	52.13		107.06
				252.90	31.64	67.78		284.54	99.99		160.18
3. Total income [ 1 + 2 ]
	1700.35	1397.64	952.79		3097.99	1754.18		3669.12
4.	Expenses
	(a) Fuel oil and water		158.27	171.08	127.78		329.35	243.76		523.12
	(b) Port, light and canal dues		43.28	56.93	44.66		100.21	90.34		191.72
	(c) Consumption of spares and stores		57.95	58.60	57.76		116.55	110.48		234.95
	(d)	Employee benefits expense		189.63	189.91	175.69		379.54	358.06		722.11
	(e) Net (gain)/loss due to change in fair value/ settlement of derivative contracts (net)		17.95	46.65	(35.30)		64.60	13.91		(48.53)
	(f)	Foreign exchange (gain)/loss, (net)		(44.88)	(39.67)	(12.46)		(84.55)	(38.03)		(77.35)
	(g)	Finance costs		88.07	93.26	84.76		181.33	183.23		370.09
	(h) Depreciation and amortisation expense		180.98	179.24	184.13		360.22	363.56		697.93
	(i) Impairment on certain assets		-	-	7.74		-	7.74		7.74
	(j) Loss on sale of asset held for scrap		-	-	-		-	-		12.56
	(k)	Other expenses		232.25	191.30	94.10		423.55	192.18		415.10
	Total expenses		923.50	947.30	728.86		1870.80	1525.23		3049.44
5. Profit before tax [ 3 - 4 ]		776.85	450.34	223.93		1227.19	228.95		619.68
6.	Tax expense -
		- Current tax		6.01	4.57	5.55		10.58	14.60		25.27
		- Deferred tax (net)		2.01	(11.27)	(4.68)		(9.26)	(21.07)		(35.27)
				8.02	(6.70)	0.87		1.32	(6.47)		(10.00)
7. Profit for the period [ 5 - 6 ]		768.83	457.04	223.06		1225.87	235.42		629.68
8.	Other comprehensive income/(loss)
	(a) Items that will not be reclassified to Profit or Loss		2.39	0.95	6.68		3.34	3.70		(10.83)
	(b) Income tax relating to items that will not be reclassified to Profit or Loss		(0.06)	0.10	0.02		0.04	0.14		(0.37)
	(c) Items that will be reclassified to Profit or Loss		0.25	40.75	(0.41)		41.00	28.96		100.43
	(d) Income tax relating to items that will be reclassified to Profit or Loss		(2.41)	(1.84)	(1.02)		(4.25)	(1.89)		(10.34)
				0.17	39.96	5.27		40.13	30.91		78.89
	Total comprehensive income for the period [ 7 + 8 ]
9.		769.00	497.00	228.33		1266.00	266.33		708.57
10. Profit for the period attributable to:
	-Owners of the Company		768.83	457.04	223.06		1225.87	235.42		629.68
	-Non-controlling interest		-	-	-		-	-		-
11. Other comprehensive income for the period attributable to:
	-Owners of the Company		0.17	39.96	5.27		40.13	30.91		78.89
	-Non-controlling interest		-	-	-		-	-		-
12. Total comprehensive income for the period attributable to:
	-Owners of the Company		769.00	497.00	228.33		1266.00	266.33		708.57
	-Non-controlling interest		-	-	-		-	-		-
13.	Paid-up equity share capital (Face Value Rs.10/- per share)		142.77	142.77	146.97		142.77	146.97		142.77
14.	Other equity									7908.53
.	Debt service coverage ratio						2.34	1.68		1.68
.	Interest service coverage ratio						9.75	4.58		4.58
.	Gross Debt-equity ratio						0.46	0.57		0.57
.	Net Debt-equity ratio						(0.06)	0.09		0.09
15. Earnings per share (of Rs.10 each) (not annualised for the quarter)
	(in Rupees)
	(a)	Basic		53.85	32.01	15.18		85.86	16.02		42.99
	(b)	Diluted		53.74	31.95	15.15		85.70	15.99		42.91
See accompanying notes to the financial results

THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House, 134-A, Dr. Annie Besant Road, Mumbai 400018.

Website : www.greatship.com, Email : [e-mail], CIN : L35110MH1948PLC006472
REPORTING OF CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES	(Rs. in crores)
		Quarter Ended		Half Year Ended	Year Ended
	30.09.2022	30.06.2022	30.09.2021	30.09.2022	30.09.2021	31.03.2022
	(UNAUDITED)	(UNAUDITED)	(UNAUDITED)	(UNAUDITED)	(UNAUDITED)	(AUDITED)
a) Segment Revenue :
Shipping	1446.19	1198.87	793.00	2645.06	1457.06	2977.84
Offshore	260.87	205.79	166.49	466.66	310.81	718.58
Sub-total
1707.06	1404.66	959.49	3111.72	1767.87	3696.42
Less : Inter Segment Revenue	6.71	7.02	6.70	13.73	13.69	27.30
Total
1700.35	1397.64	952.79	3097.99	1754.18	3669.12
b) Segment Results :
Shipping	727.42	470.30	256.21	1197.72	324.08	746.51
Offshore	41.41	(13.26)	(33.15)	28.15	(88.66)	(116.83)
Total
768.83	457.04	223.06	1225.87	235.42	629.68
c) Segment Assets :
Shipping	10379.85	9648.84	9374.85	10379.85	9374.85	9478.58
Offshore	4612.73	4494.25	4572.12	4612.73	4572.12	4490.02
Total Assets
14992.58	14143.09	13946.97	14992.58	13946.97	13968.60
d) Segment Liabilities :
Shipping	4262.49	4155.91	4514.01	4262.49	4514.01	4414.52
Offshore	1596.28	1515.97	1594.63	1596.28	1594.63	1502.78
Total Liabilities
5858.77	5671.88	6108.64	5858.77	6108.64	5917.30