During Monday’s trading session, the shares of a company engaged in the business of undertaking ship management are in focus after the company announced signing a Joint Venture (JV) Agreement to set up an Offshore Supply Base in India.
With a market capitalisation of Rs. 186.6 crores, the shares of Sadhav Shipping Limited opened in the red at Rs. 138 on NSE, down by nearly 0.4 percent, as against its previous closing price of Rs. 138.55.
What’s the News
Sadhav Shipping Limited, in its latest regulatory filings with the NSE, announced entering into a Joint Venture (JV) Agreement with United Petro Shipping PTE Limited.
The agreement aims to jointly establish an “Offshore Supply Base” in India. As part of this proposed Joint Venture, the Board of the JV Company will include one director from each participating company.
Further, the company clarified that there are no potential conflicts of interest arising from this agreement.
Previous Orders
30th August 2024: The company received a one-year contract extension from the Mumbai Port Authority. This contract involves providing a Tier 1 Oil Spill Response Facility for the Mumbai/JNPA Harbour. The estimated value of the extended contract is Rs. 7.76 crore.
2nd October 2024: Sadhav Shipping secured an order worth Rs. 13.37 crore from the Jawaharlal Nehru Port Authority (JNPA) to supply two new mooring launch boats on a time charter basis for 10 years.
Additionally, the company received an order valued at Rs. 8.83 crore from JNPA to provide one Pilot Boat (SB Sarala) on a time charter basis for seven years.
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Financials
Sadhav Shipping reported a marginal growth in the revenue from operations, experiencing a rise of nearly 8.4 percent YoY, increasing from Rs. 77.8 crores in FY23 to Rs. 84.3 crores in FY24.
Similarly, during the same period, the company’s net profit increased from Rs. 7.8 crores to Rs. 9.2 crores, representing a growth of around 18 percent YoY.
About the Company
Incorporated in 1996, Sadhav Shipping Limited is engaged in the business of owning and operating barges, tugs & vessels in addition to undertaking ship management for other owners.
The company carry out operations, maintenance & repairs (O&M, MRO) on board ships and offshore structures with the ultimate purpose of owning and operating ships. It is the first company to set up and operate India’s 1st Port Based Tier 1 Oil Spill Response Centre in Mumbai and are now operating in most of the Major Ports in India.
Written by Shivani Singh
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