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Showing posts with label Garware Offshore Services. Show all posts
Showing posts with label Garware Offshore Services. Show all posts
Wednesday, February 16, 2011
Tuesday, June 22, 2010
Annual Report - Garware Offshore Services - 2009-2010
GARWARE OFFSHORE SERVICES LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
TO,
THE MEMBERS,
Your Directors are pleased to present their report as under:
Monday, October 26, 2009
Saturday, October 24, 2009
Thursday, August 07, 2008
Tuesday, April 29, 2008
Sunday, January 27, 2008
Tuesday, December 11, 2007
Wednesday, November 28, 2007
Tuesday, October 23, 2007
Thursday, September 20, 2007
Friday, June 29, 2007
IDBI Capital - Garware Offshore Services
IDBI Capital report on Garware Offshore Services:
Summary:
Garware Offshore Services (GOSL), is all set to ride the boom in offshore E&P (Exploration & Production) sector with its expansion plans. The company provides logistics services to offshore oil and gas sector and is planning to increase its fleet size from 6 in FY06 to 14 in FY09.
Going forward, we expect, better charter rates along with increasing fleet size to drive growth for GOSL. Topline is expected to post 64% CAGR over the next 3-years. EBIDTA margin is expected to surge to 65%. Boosting topline and surging margin is expected to lead to robust bottom line performance. PAT is expected to showcase CAGR of 69% in the next 3-years.
The current market price is 10.3x the fully diluted FY08E EPS of Rs.20 and 6.4x the fully diluted FY09E EPS of Rs.32.3. We recommend ‘Buy’ with a target price of Rs 321.
Investment highlights:
Expansion plans
GOSL is betting big on its expansion plans. GOSL is expanding its fleet size from 6 in FY06 to 14 in FY09. The company will be acquiring 2 Platform Supply Vessel (PSV), 3 Anchor Handling Tug cum Supply Vessel (AHTSV) and 2 Accomodation Work Barge (AWB) scheduled to be delivered over the period of next 3-years.
Contracted revenue
GOSL has secured stream of revenues from its long-term contracts. With the fleet expansion and better day rates, revenues from AHTSV’s are expected to post CAGR of 41% over the next 3-years. PSV revenues are expected to showcase CAGR of 74% over the next 3-years. AWBs expected to be delivered in FY09 will earn around US$ 15,500/day. The vessel will produce revenues of around Rs.464m by FY10. GOSL's EBIDTA margins are expected to rise steeply from around 56% in FY06 to 65.7% in FY09.
Tie-up with Havyard
GOSL has signed a Memorandum of Understanding (MoU) with Havyard Leirvik A. S., for sale of ships and designs produced by Havyard group to Indian companies. It is expected to earn revenues in the form of commissions. GOSL is also setting up ‘Workshop Design Center’ as a KPO (Knowledge Process Outsourcing) center in India in collaboration with Havyard Leirvik A. S.
Lower dry docking charges
Dry docking charges are expected to be minimal in next 2-3 years, as all the four AHTSV’s have undergone dry-docking in end 2006. PSV’s are newly built and are expected to require minimal maintenance.
Friday, June 22, 2007
Tuesday, June 05, 2007
Saturday, April 28, 2007
Friday, April 27, 2007
Saturday, March 24, 2007
Sharekhan Investor's Eye dated March 23, 2007
KSB Pumps
Cluster: Emerging Star
Recommendation: Buy
Price target: Rs650
Current market price: Rs518
Strong performance
Result highlights
- KSB Pumps delivered good results for Q4CY2006. Its net sales grew by 24.9% to Rs108.3 crore during the quarter. There was a delay in the dispatch of certain orders in the previous quarter; the delayed sales got reflected in the fourth quarter, boosting the Q4CY2006 performance.
- On segmental basis, the revenues of the pump business went up by 16.2% to Rs78.9 crore while that of the valve business grew by a strong 57.7% to Rs28.7 crore. However, the margin in the pump business declined to 13.4% from 15.3% last year, while the profit before interest and tax (PBIT) margin in the valve business grew by 120 basis points to 25.4%.
- Overall, the operating profit grew by 24.2% to Rs20 crore, while the operating profit margin (OPM) was stable at 18.5%. This despite a steep hike in the raw material cost, which rose from 41% in the same quarter last year to 46.4%. However, substantial savings were made in the staff cost and other expenses.
- The profit after tax (PAT) for Q4CY2006 rose by 42.4% to Rs12.1 crore. For CY2006, the OPM grew to 20.4% from 18.1%, while the full years' PAT grew by 38.3% to Rs51.6 crore.
- Sales are traditionally better in the first and second quarters for pump makers because of seasonal factors. Hence, we should expect even better results from the company in the coming quarters, both in terms of revenues and margins.
- The pumps industry is set to benefit from the huge investments being planned in the user industries, particularly power and petrochemicals. KSB Pumps, enjoying a 12% market share, would be one of the key beneficiaries of the same and hence we expect the growth momentum to sustain going forward. We are introducing our CY2008 earnings per share (EPS) estimate at Rs46 for KSB Pumps. At the current market price of Rs518, the stock quotes at CY2007E price/earnings ratio (PER) of 11.3x and at an enterprise value (EV)/earnings before interest, depreciation, tax and amortisation (EBIDTA) of 6.2x. We maintain our Buy recommendation on the stock with a price target of Rs650.
SECTOR UPDATE
Banking
Revised guidelines on CAR of banks
The revised guidelines on the capital adequacy requirements of banks are broadly in line with the previous guidelines issued in February 2005. However, certain changes have been made which include the introduction of a prudential floor for capital adequacy, increase in the Tier-I ratio and a change in the risk weights for corporate and non-banking finance company (NBFC) exposures. The major changes have been highlighted in a tabular form given below. The revised guidelines would impact some private banks like ICICI Bank, HDFC Bank and UTI Bank as the release of capital has been delayed. An increase in the risk weights for exposure to NBFCs would make the borrowing costs higher for companies like IDFC.
VIEWPOINT
Garware Offshore Services
Fleet expansion to drive growth
Incorporated in 1976, Garware Offshore Services Ltd (GOSL) is part of the Garware group of companies and involved in providing supply and support vessels to oil exploration & production (E&P) companies operating in offshore blocks.
Currently, the company has a fleet of six vessels: four anchor handling tugs (AHTs; deployed with Oil & Natural Gas Corporation [ONGC] with day rates of $4,500) and two platform support vessels (PSVs; one deployed with Transocean [day rate of $15,500] and another with British Gas on long-term charter at day rate of $14,500).
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Thursday, December 07, 2006
Sunday, November 26, 2006
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