ABG Shipyard

Accumulate Rating on ABG Shipyard; Lilladher

Accumulate Rating on ABG Shipyard; Lilladher

With a target of Rs. 271, in its May 31, 2010 research report, Prabhudas Lilladher has recommended accumulate rating on ABG Shipyard.

ABG Shipyard (ABG) reported revenues (excluding subsidy) of Rs. 4,732 million, sequential growth of 10.6% and YoY growth of 40.5%. Commissioning of larger capacities has enabled this growth in top-line. Margins, however, disappointed at 13.6% as against 18.5% in Q3FY10 as the company was focusing on the completion of the coastguard order where there has been a significant cost escalation.

ABG Shipyard bags orders worth Rs 483 crore

India’s biggest private sector shipbuilder by order book and capacity, ABG Shipyard Ltd (ABG), has received an order worth Rs 305 crore from Italy-based Marnavi Spa, for the construction of one vessel of 130 tonne Bollard Pull AHTS for anchor handling, towing, rescue, offshore supply and other related duties.

Marnavi Spa is a shipping company operating on the world chemical product and food stuff transportation market. The company owns a total fleet of 27 ships consisting of petrochemical tankers, transporting ships HTS and recoil vessels.

ABG Shipyard receives subsidy of Rs 12.80 crore

ABG Shipyard Ltd, a subsidiary of ABG International Pvt. Ltd. has announced that the company has received a subsidy of Rs 12.80 crore from the federal government for two of its yards.

Mumbai-based, ABG Shipyard provides shipbuilding and ship repair services in India and internationally.

Recently, the company has reported earnings results for the quarter ended September, 2007, in which it has announced a 26% increase in net profit at Rs 34.11 crore. Its sales increased by 26% to Rs 211.85 crore.