SEAMEC Ltd

About

SEAMEC Ltd owns and operates 4 multi-support vessels for the provision of diving services, manned and unmanned subsea operations and related activities. It has also diversified into main fleet shipping vertical by acquiring 3 bulk carriers of various sizes.[1] It owns the largest fleet of multi-functional vessels in India.[2]

Key Points

Offshore Shipping Segment (~87% of revenues) [1] [2]
The company's offshore shipping business provides services liking diving support, fire fighting, rescue operations, etc. This segment contributes bulk of revenue and profits to the company.
Its vessels fleet includes :-
1. SEAMEC I
2. SEAMEC II
3. SEAMEC III
4. SEAMEC PRINCESS.[3]

Read More
  • Market Cap 2,540 Cr.
  • Current Price 1,015
  • High / Low 1,287 / 343
  • Stock P/E 39.2
  • Book Value 276
  • Dividend Yield 0.10 %
  • ROCE 6.59 %
  • ROE 6.04 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 46.98% CAGR over last 5 years
  • Debtor days have improved from 150.06 to 112.26 days.

Cons

  • The company has delivered a poor sales growth of -4.77% over past five years.
  • Tax rate seems low
  • Earnings include an other income of Rs.105.59 Cr.

Peer comparison

Sector: Shipping Industry: Shipping

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
102 114 102 80 106 96 37 58 65 97 73 82
58 65 52 43 58 62 38 36 49 67 52 47
Operating Profit 44 49 50 37 48 34 -1 23 15 30 21 35
OPM % 43% 43% 49% 46% 45% 36% -3% 39% 24% 31% 28% 43%
Other Income 7 8 10 7 9 5 14 8 72 7 11 15
Interest 1 1 1 1 1 1 1 1 1 1 1 2
Depreciation 14 13 14 14 14 13 12 12 15 18 17 21
Profit before tax 36 43 45 28 41 25 -1 17 71 19 14 27
Tax % 0% 6% 2% 4% 3% 9% -429% 10% 3% 5% 12% 5%
Net Profit 36 40 44 27 40 23 -3 16 69 18 13 26
EPS in Rs 14.30 15.81 17.29 10.55 15.62 8.95 -1.29 6.10 27.02 6.94 4.96 10.11

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
100 182 337 408 350 328 208 194 314 384 257 316
154 172 264 368 280 293 320 160 202 215 189 216
Operating Profit -55 10 74 40 71 35 -112 33 112 169 68 101
OPM % -55% 5% 22% 10% 20% 11% -54% 17% 36% 44% 26% 32%
Other Income 18 16 21 13 104 24 19 20 30 30 101 106
Interest 0 0 1 1 1 1 3 1 4 6 6 5
Depreciation 26 34 47 50 45 47 48 49 52 55 57 71
Profit before tax -64 -9 46 2 128 11 -145 3 86 139 106 131
Tax % -5% -52% 13% 203% 5% 52% -3% 66% 4% 4% 7%
Net Profit -67 -13 40 -2 122 5 -149 1 82 133 99 125
EPS in Rs -19.81 -3.89 11.92 -0.61 35.99 2.12 -58.55 0.39 32.19 52.41 38.76 49.03
Dividend Payout % 0% 0% 0% 0% 3% 0% 0% 0% 0% 2% 3%
Compounded Sales Growth
10 Years: 10%
5 Years: -5%
3 Years: 10%
TTM: 6%
Compounded Profit Growth
10 Years: 10%
5 Years: 47%
3 Years: 245%
TTM: -13%
Stock Price CAGR
10 Years: 27%
5 Years: 63%
3 Years: 72%
1 Year: 154%
Return on Equity
10 Years: 4%
5 Years: 5%
3 Years: 17%
Last Year: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
34 34 34 34 34 25 25 25 25 25 25 25
Reserves 413 400 440 437 556 467 316 318 404 536 637 676
Borrowings 0 0 0 0 13 28 18 7 72 73 89 149
38 42 64 79 76 129 143 132 152 206 108 95
Total Liabilities 485 476 537 549 679 649 503 483 654 839 859 945
202 298 257 233 217 174 206 168 236 248 291 412
CWIP 10 0 0 0 0 0 1 0 0 1 0 5
Investments 0 0 0 0 7 31 35 61 117 179 222 240
273 177 280 317 455 444 261 253 301 412 346 288
Total Assets 485 476 537 549 679 649 503 483 654 839 859 945

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-55 -45 50 29 91 11 13 29 97 234 106
-6 43 -36 16 -172 70 -1 -20 -165 -194 -117
-0 0 -0 -0 12 -96 -11 -2 48 6 -22
Net Cash Flow -62 -2 13 45 -68 -15 0 7 -19 45 -33

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 141 204 142 133 130 208 191 221 190 148 112
Inventory Days
Days Payable
Cash Conversion Cycle 141 204 142 133 130 208 191 221 190 148 112
Working Capital Days 103 177 115 97 87 144 -10 29 47 141 243
ROCE % -2% 10% 1% 10% 2% -32% 1% 21% 25% 7%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
69.57 69.57 69.57 70.61 70.83 71.51 71.51 71.96 71.96 71.96 72.04 72.04
3.29 3.29 3.29 3.29 3.29 2.60 2.60 2.60 2.60 0.00 2.34 2.57
0.24 0.15 0.25 0.18 0.13 0.14 0.12 0.12 0.12 0.11 0.05 0.03
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
26.88 26.97 26.87 25.90 25.73 25.72 25.74 25.29 25.29 27.90 25.55 25.33

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