ABG Shipyard (ABGSHI) - ICICI Direct
ABG Shipyard (ABGSHI) - ICICI Direct
ABG Shipyard (ABGSHI) - ICICI Direct
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Exhibit 8: PAT margin expected to decline in FY13E & consolidate at same level in FY14E-15E<br />
250<br />
21.0<br />
| cr<br />
200<br />
150<br />
100<br />
194.0<br />
9.1<br />
185.8<br />
113.2<br />
130.5 135.1<br />
18.0<br />
15.0<br />
12.0<br />
9.0<br />
%<br />
50<br />
7.5<br />
5.0<br />
5.4<br />
5.4<br />
6.0<br />
3.0<br />
0<br />
FY11 FY12 FY13E FY14E FY15E<br />
PAT PAT %<br />
0.0<br />
Source: Company, <strong>ICICI</strong>direct.com Research<br />
Exhibit 9: Debt equity ratio expected to remain stretched<br />
| cr<br />
5000<br />
4500<br />
4000<br />
3500<br />
3000<br />
2500<br />
2000<br />
1500<br />
1000<br />
500<br />
0<br />
4450.8 4739.8<br />
2.6<br />
4188.5<br />
2.7<br />
2.7<br />
3154.5<br />
2.1<br />
1.8<br />
2268.6<br />
FY11 FY12E FY13E FY14E FY15E<br />
Debt Debt-Equity<br />
3.0<br />
2.5<br />
2.0<br />
1.5<br />
1.0<br />
0.5<br />
0.0<br />
Source: Company, <strong>ICICI</strong>direct.com Research<br />
Exhibit 10: Subsidy trend<br />
50.0<br />
40.0<br />
30.0<br />
20.0<br />
10.0<br />
0.0<br />
46.0<br />
40.1<br />
5.2<br />
3.6<br />
29.9<br />
3.3<br />
2.0 19.0<br />
15.8<br />
1.6<br />
1.7<br />
1.4<br />
0.3<br />
10.0<br />
0.0<br />
8.9<br />
2.2<br />
0.3<br />
FY12 FY13E Q1FY12 Q2FY12 Q3FY12 Q4 FY12 Q1FY13 Q2FY13 Q3FY13<br />
6.0<br />
5.0<br />
4.0<br />
3.0<br />
2.0<br />
1.0<br />
0.0<br />
-1.0<br />
Subsidy<br />
subsidy as % of revenues<br />
Source: Company, <strong>ICICI</strong>direct.com Research<br />
<strong>ICICI</strong> Securities Ltd | Retail Equity Research Page 4
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