Key Financial Ratios

2010/03 2009/03 2008/03 2007/03 2006/03

Per Share
EPS 47.99 48.36 38.97 32.52 22.7
CEPS 53.61 52.37 42.28 34.8 23.35
Book Value 289.11 252.82 207.78 105.96 77.4
Dividend/Share 3 3 3 3 2.5
Operating Profit /
Share 126.3 107.29 75.51 60.8 39.16
Net Operating
Income / Share 466.87 369.78 255.67 103.9 89.42
Free Reserves /
Share 278.77 242.11 196.72 94.22 65.23

Profitability Ratios
OPM 27.05 29.01 29.53 58.51 43.79
GPM 25.92 28.02 28.38 56.32 43.06
NPM 9.97 12.93 15.16 30.85 24.88
RONW 16.46 20.93 18.92 30.73 29.71

Liquidity ratios
Debt/Equity 2.74 1.44 0.75 2.33 3.14
Current Ratio 2.54 1.72 1.79 2.38 4.56
Quick Ratio 1.59 0.98 0.96 1.75 3.42
Interest Cover 2.24 3.69 5.42 5.55 6.66

Turn Over Ratios

Sales/Total Assets 0.68 1.23 1.22 0.42 0.33

Sales/Fixed Assets 1.25 1.18 1.68 1.01 2.12

Sales/Current
Assets 0.41 0.51 0.54 0.24 0.25

Miscellaneous
No of Days of
Working Capital 532.69 293.82 294.91 854.7 1,107.63
CAR 0 0 0 0 0
 Profit and Loss
Rs. cr

Period & months 2010/03 2009/03 2008/03 2007/03 2006/03

INCOME
Net Operating
Income 1,351.10 1,019.45 704.86 233.78 201.19

EXPENSES
Material
Consumption 704.07 509.68 361.64 15.29 57.5
Manufacturing
Expenses 35.07 17.25 12.29 9.44 6.58
Personel
Expenses 160.21 125.08 72.55 42.47 25.29

Selling Expenses 37.33 37.57 24.82 8.31 10.03

Administrative
Expenses 48.9 34.08 25.38 21.46 13.68
Capitalised
Expenses 0 0 0 0 0

Cost of Sales 985.58 723.67 496.67 96.98 113.08

Reported PBDIT 365.51 295.78 208.19 136.79 88.11

Other Recuring
Income 41.07 11.2 3.65 3.42 13.85
Adjusted PBDIT 406.59 306.99 211.84 140.21 92.16

Depreciation 15.29 10.09 8.14 5.11 1.47

Other Write-offs 0.98 0.98 0.98 0 0

Adjusted PBIT 390.32 295.92 202.72 135.1 90.69

Finanical
Expenses 181.82 83.11 39.12 25.24 13.85

Adjusted PBT 208.5 212.81 163.6 109.86 76.84

Tax Charges 70.91 67.33 55.74 37.79 26.55

Adjusted PAT 137.59 145.48 107.86 72.06 50.29

Non-recurring
Items -0.32 -17.19 -1.4 -0.14 0.39
Other Non-cash
Adjustments 1.59 5.04 0.98 1.26 0.39

REPORTED PAT 138.87 133.32 107.45 73.18 51.07

APPROPRIATIONS
Equity Dividend 8.68 8.27 8.27 6.75 5.63
Preference
Dividend 0 0 0 0 0
Retained
Earnings 451.3 335.92 223.02 132.57 72.39
Rs. cr
 Balance Sheet
Rs. cr

Period & months 2010/03 2009/03 2008/03 2007/03

SOURCES OF FUNDS
Owned Funds
Equity Share
Capital 28.94 27.57 27.57 22.5

Share Application
Money 9.63 0 0 0
Preferential Share
Capital 0 0 0 0
Reserves &
Surplus 807.73 669.43 545.27 215.9
Loan Funds
Secured Loans 1,502.92 697.89 203.9 81.33

Unsecured Loans 789.88 304.92 227.19 473.63

TOTAL 3,139.10 1,699.81 1,003.92 793.36

USES OF FUNDS
Fixed Assets
Gross Block 426.01 289.82 189.73 158.53
Accumulated
Depreciation 53.87 37.96 27.37 18.61

Less: Revaluation
Reserve 4.53 5.15 5.77 6.39
Net Block 367.61 246.71 156.59 133.53
Capital Work-in-
progress 715.07 615.67 262.31 97.45

Investments 56.24 3.43 4.67 3.45

Net Current Assets

Current Assets,
Loans & Advances 3,297.66 1,995.47 1,312.70 957.51

Less: Current
Liabilities &
Provisions 1,298.46 1,163.42 735.29 402.48
Total Net Current
Assets 1,999.20 832.05 577.41 555.03

Miscellaneous
Expenses not
written off 0.98 1.96 2.94 3.91
TOTAL 3,139.10 1,699.81 1,003.92 793.36
Number of Equity
shares
outstanding (Cr.) 2.89 2.76 2.76 2.25

Bonus component
in Equity Capital 4.91 4.91 4.91 4.91
Notes:
Book Value of
Unquoted
Investments 54.49 3.42 2.67 3.45

Market Value of
Quoted
Investments 9.53 0 5.98 8.53
Contingent
liabilities 10.87 10.87 0.96 0.96
t
Rs. cr

2006/03

22.5

151.65

93.13

453.83
721.11

84.89

12.88

7.01
65

29.74

2.45

792.66

173.64

619.02

4.89
721.11
2.25

4.91

2.45

5.98

0.96
 Share Holding Pattern as on 9/30/2010
No of Shares 28939300
Face Value 10

Domestic  ( in %age )
Promoters 41.84
Other Companies 13.29
NBanks Mutual Funds 0.13
General Public 27.36
Total 82.62
Financial Institutions 11.68
Foreign NRI 1.28
Foreign Institutions 2.91
Others  ( in %age ) 1.51
 Capital Structure
Authorise Issued
Class Of d Capital Capital PaidUp
From Year To Year Share (Cr.) (Cr.) Shares
Equity
2009 2010 Share 50 28.94 28939300
Equity
2008 2009 Share 40 27.57 27569300
Equity
2007 2008 Share 40 27.57 27569300
Equity
2006 2007 Share 40 22.5 22500000
Equity
2005 2006 Share 40 22.5 22500000
Equity
2004 2005 Share 25 22.5 22500000
Equity
2003 2004 Share 10 9.24 9235950
Equity
2002 2003 Share 6 5.9 5899050
e
PaidUp
Face Capital
Value (Cr.)

10 28.94

10 27.57

10 27.57

10 22.5

10 22.5

10 22.5

10 9.24

10 5.9
 Last Price Market Cap.
(Rs. cr.)

Essar Shipping 94.55 5,821.29

Shipping Corp 133.7 5,661.58
GE Shipping 336.2 5,119.98
Pipavav 74.1 4,933.57
ABG Shipyard 388.85 1,980.09
Great Offshore 368.55 1,372.18
Mercator Lines 53.2 1,255.48
BharatiShipyard 208.65 632.4
Varun Shipping 33.95 509.28
Seamec 121.3 411.21
 Sales Net Profit Total Assets
Turnover

1,028.21 90 10,323.50
4,166.64 940.67 9,033.86
2,055.46 395.75 9,040.01
- - -
1,807.67 228.92 4,019.44
1,012.38 176.18 3,340.87
679.42 6.4 2,527.41
1,348.09 138.45 3,143.64
896.65 12.55 3,558.61
424.84 203.9 513.76
 Mar '06 Mar '07 Mar '08 Mar '09
Bharti Shipyard Earnings Per Share 22.7 32.52 38.97 48.36
Essar Shipping Earnings Per Share 4.35 3.15 5.67 1.75
Shipping corporation Earnings Per Share 36.92 35.94 28.83 22.21
mercantor lines Earnings Per Share 9.25 3.62 7.06 7.67
Varun shipping Earnings Per Share 15.39 9.9 15.05 8.19
GE shipping Earnings Per Share 55.39 58.01 89.1 90.27
ABG shipyard Earnings Per Share 16.43 22.84 31.55 33.6

Bharti shipyard Book Value 77.4 105.96 207.78 252.82

essar shipping Book Value 50.63 53.79 72.08 116.62
shipping corporation Book Value 154.45 180.65 199.51 146.61
mercantor lines Book Value 25.18 27.58 38.41 46.38
varun shipping Book Value 40.47 50.7 60.99 54.11
GE shipping Book Value 156.7 201.47 273.02 323.61
ABG shipyard Book Value 84.22 105.31 134.52 164.71
0.960929 0.216768

Bharti Shipyard Quarterly

Sep'09 Dec'09 Mar'10 Jun'10
Earnings Per Share 11.86 11.95 12.29 7.65
 Mar '10 Price P/E Trailing PE
47.99 208.65 4.35 4.96785714286
1.46 94.55 64.76
8.9 133.7 15.02
0.27 53.2 197.04
0.8 33.95 42.44
25.99 336.2 12.94
44.96 388.85 8.65

P/BV 0.72 0.62

289.11 208.65 0.72 0.80 0.72
117.46 94.55 0.80 0.89 0.8
149.65 133.7 0.89 1.19 0.89
44.66 53.2 1.19 0.62 0.95
54.48 33.95 0.62 0.95 1.19
352.69 336.2 0.95 1.84 1.84
211.24 388.85 1.84
0.143541

Trailing 12month value 42

Sep'10
10.11