Garware Offshore Services Ltd Q1 CY07

Garware Offshore Services Ltd (GOSL) delivered robust Q1 CY07 results on back of its acquisition of a platform support vessel in th e month of November 2006. GOSL reported 63% yoy growth in sales to Rs193mn. Higher margins for the PSV segment helped margins expand by 6 percentage points. However, higher interest outgo and depreciation charge restricted PAT growth to 42.3% to Rs54mn.

Outlook

GOSL is expecting to have a fleet size off 11 vessels from current level of 6 vessels. The delivery schedule of which is as follows:

Table: Delivery schedule

Delivery date	Vessel
May-07	PSV
Mar-08	PSV
Jun-08	AHTSV
Jul-08	AHTSV
Dec-08	PSV

Source: Company

We believe that the tightness in the market will help GOSL to get higher charter rates for the vessels than in the past translating into realization growth. Higher contribution from PSV will enable the company to earn better margins than in the past. With GOSL, already receiving technical qualification for tenders of both ONGC (28 ships) and Shipping Corporation of India (10 ships), there can be significant rise in other income .

Click below for the detailed Result Update:

http://www.indiainfoline.com/content/rep/Result_Analysis/2007/4/2442007/garwareoffshore_0307.pdf

Warm Regards,

Prayesh Jain
India Infoline Ltd

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