ABG Shipyard Q1FY11 Net Sales at Rs 449.45 cr

Q1FY11:

• Net Sales at Rs .449.45 crore, up by 14.33 % over Q1FY10
• EBIDTA at Rs. 124.49 up by 15.32%  over Q1FY10 
• Net Profit at Rs.38.41 crore
• EPS for Q1FY11 at Rs. 7.54

ABG Shipyard Limited, country's largest private ship building company announced 14.33 % increase in revenue to Rs. 449.45 crore for the quarter ended June 30th 2010 compared to Rs. 393.11 crore in Q1FY10. EBIDTA has increased by 15.32% from Rs.107.95 Crore for the quarter ended 30th June, 2009 to Rs.124.49 crore for the quarter ended 30th June, 2010.

Depreciation for the quarter increased from Rs.4.53 crores in Q1FY10 to 13.66 crores in Q1FY11 due to part capitalisation of project at Dahej Shipyard. Interest for the quarter increased from Rs.33.72 crores in Q1FY10 to Rs.42.07 crores in Q1FY11 due to increase in working capital requirements. After taking an exceptional loss of Rs.13.75 crores, the PAT stood at Rs.38.41 crores.

Earnings per share (EPS) for the quarter stood at Rs.7.54.

ABOUT ABG SHIPYARD:
ABG is an established manufacturer of marine ships, including bulk carriers, deck barges, interceptor boats, anchor handling supply ships, driving support ships, tugs and offshore vessels. 

The company, since 1990, has delivered over 125 ships of various types to domestic and international customers. Of this, nearly 50 percent of the deliveries have taken place in the last five years. The company continues to ride the crest of boom wave in ship building industry as is evident from its strong order book position.

Looking at the prospects of Indian shipbuilding industry, it has been observed that project management skills and cost competitiveness remains the significant advantage of domestic shipbuilding industry considering the two major parameters of shipbuilding viz. steel fabrication, labor, price, quality and timely delivery.