Revenue witnessed 26% growth year-on-year in FY23 with operational revenue hitting ₹ 854 Cr. Despite a net profit of ₹ 33 Cr in FY23, the company continues to struggle with profitability at the operational level. This year's positive bottom line can be attributed mainly to tax benefits, not core business improvements.
While a positive bottom line led to a slight increase in ROE based on the DuPont analysis, the inherent characteristics of the business of low asset turnover and high financial leverage are not appealing investment-wise.
The company has marquee clientele like IOC, ONGC etc and is a wholly-owned subsidiary of the reputed Great Easter Shipping which is listed on domestic bourses.
Bharat K. Sheth holds the position of Chairman within the Company. Having completed his Bachelor of Science (Economics) with honors from St. Andrews University, Scotland, in 1981, he brings over 28 years of experience in the shipping industry.
Ravi K. Sheth serves as the Managing Director of the Company. Holding a Bachelor‘s degree in Commerce from H.R. College, Mumbai, Maharashtra, and a Master‘s degree in Business Administration from Babson College, Wellesley, USA, he brings over 20 years of experience in the shipping industry.
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