Shreyas Shipping reports standalone revenues of Rs 544 crore for 2017-18

* Posts excellent results for 2017-18

* Considering flagging out some vessels

Shreyas Shipping & Logistics Ltd (SSLL) has registered excellent financial results for the quarter and year ended March 31, 2018. As per the audited results that were highlighted at a media interaction here on Friday by Mr Ramesh S. Ramakrishnan, Chairman, Capt. Vivek Kumar Singh, Managing Director and Mr Rajesh Desai, Chief Financial Officer, the company’s standalone revenues for 2017-18 stood at Rs 544 crore as against Rs 376 crore for FY 17, a growth of 45 per cent. EBITDA for FY18 was at Rs 115 crore as against Rs50 crore during FY 17, up by 123 per cent, and PAT stood at Rs81crore as against Rs 4 crore in FY 17, a staggering increase of 2205 per cent. Considering the share of profit of an associate and joint venture, of Rs 11 crore (net of tax adjustment), consolidated PAT stood at Rs92 crore for FY 18.

Operational highlights

Total containerised domestic cargo trade on the main land for the year 2017-18 was 195,000 containers as against 110,000 in 2015-16, a growth of 77 per cent. This corresponds to carriage and modal shift of cargo from land to sea mode as 5.85 million tonnes of containerised cargo in 2017-18 as against 3.3 million tonnes two years earlier.

SSLL’s domestic cargo trade was 109,766 containers in 2017-18 as against 59,521 containers in 2015-16, achieving a growth of 84 per cent. This corresponds to carriage of 3.3 million tonnes of containerised cargo in 2017-18 as against 1.8 million tonnes two years earlier.

Shreyas handled total volume of 448,200 TEUs in 2017-18 as against 331,000 TEUs in the previous year, up 35 per cent.

Besides handling containerised cargo, SSLL commenced handling coastal break-bulk cargo in the 2nd half of 2017 and handled 107,324 MT during the year, mainly steel products of RINL and JSW, besides some project cargo. RINL commenced coastal movement of steel products for the first time, as a modal shift from land to sea mode.

Total coastal throughput at Indian ports was 1.5 million TEUs in 2017 as against 0.85 million TEUs in 2015, while SSLL’s throughput at Indian ports was 0.8 million TEUs in calendar year 2017 as against 0.45 million TEUs in 2015, achieving a growth of 78 per cent in the two years. Growth of 90 per cent in domestic throughput at Indian ports is an indication of the modal shift of cargo from land to sea, while 55 per cent growth in exim volume throughput is indication of shift in volume from foreign transhipment ports to Indian ports. Shreyas has contributed to the growth in coastal shipping on both fronts as envisaged by the Ministry of Shipping.

To achieve this growth, Shreyas acquired 10 vessels including two multi-purpose vessels of capacity totaling 242,242 DWT and 18,080 TEUs between 2015 and 2017, achieving a growth of 56 per cent, while there has been 17 per cent CAGR increase in Indian flag container fleet from 2014 until 2017.

Growth in seafarer employment from 2015 to 2017 has been 55 per cent in SSLL’s fleet. Indian shipping companies, including Shreyas, are training seafarers, which is a big contribution to the Indian economy as it provides employment to Indian seafarers.

18 major ports and container terminals in India were serviced during 2017 by SSLL containers and break-bulk coastal services on regular frequency, making 1,060 port calls during the year.

Indian shipping industry contributes Rs8,000 crore annually to the economy while Shreyas has contributed Rs470 crore in 2017-18 to the economy.