SEAMEC Ltd

₹ 1,101 -4.47%

21 Nov - close price

About

SEAMEC Ltd owns and operates 4 multi-support vessels for the provision of diving services, manned and unmanned subsea operations and related activities. It has also diversified into main fleet shipping vertical by acquiring 3 bulk carriers of various sizes.^[1] It owns the largest fleet of multi-functional vessels in India.^[2]

Key Points

Business Profile^[1] Seamec Limited, a subsidiary of MMG Group, operates in offshore and marine services, providing a range of operations through its fleet of Diving Support Vessels (DSVs), Offshore Support Vessels (OSVs), and bulk carriers.

Website BSE NSE

Market Cap ₹ 2,772 Cr.
Current Price ₹ 1,101
High / Low ₹ 1,670 / 882
Stock P/E 18.4
Book Value ₹ 379
Dividend Yield 0.09 %
ROCE 12.5 %
ROE 13.8 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company's working capital requirements have reduced from 112 days to 81.1 days

Cons

Stock is trading at 2.90 times its book value
Tax rate seems low
Company has a low return on equity of 9.50% over last 3 years.
Debtor days have increased from 81.2 to 114 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Miscellaneous Industry: Miscellaneous

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	81.82	109.52	85.29	125.40	85.33	100.68	125.84	211.57	84.43	213.31	236.38	214.99	87.87
	46.79	52.62	68.82	82.78	48.18	80.89	98.98	163.56	68.21	122.68	149.08	142.21	72.39
Operating Profit	35.03	56.90	16.47	42.62	37.15	19.79	26.86	48.01	16.22	90.63	87.30	72.78	15.48
OPM %	42.81%	51.95%	19.31%	33.99%	43.54%	19.66%	21.34%	22.69%	19.21%	42.49%	36.93%	33.85%	17.62%
	14.58	7.48	12.64	4.60	15.12	1.54	-1.28	12.80	7.15	5.79	3.12	16.60	22.44
Interest	1.51	1.37	2.56	1.70	1.70	2.20	1.20	2.48	4.20	4.49	5.08	3.92	4.03
Depreciation	20.92	22.41	24.00	24.61	31.47	24.47	31.44	32.22	33.42	33.88	35.27	32.05	31.61
Profit before tax	27.18	40.60	2.55	20.91	19.10	-5.34	-7.06	26.11	-14.25	58.05	50.07	53.41	2.28
Tax %	4.93%	0.84%	-91.76%	-8.99%	10.47%	-69.10%	-34.28%	0.80%	1.47%	2.81%	-5.33%	6.46%	92.98%
	25.84	40.26	4.89	22.79	17.10	-1.65	-4.64	25.90	-14.46	56.42	52.74	49.96	0.16
EPS in Rs	10.11	15.78	1.87	8.91	6.67	-0.70	-1.90	10.07	-5.81	22.09	20.72	19.61	0.04
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	337	408	350	328	208	194	314	384	257	350	437	729	753
	264	368	280	293	320	160	202	215	189	220	310	486	486
Operating Profit	74	40	71	35	-112	33	112	169	68	130	127	243	266
OPM %	22%	10%	20%	11%	-54%	17%	36%	44%	26%	37%	29%	33%	35%
	21	13	104	24	19	20	30	30	101	46	20	29	48
Interest	1	1	1	1	3	1	4	6	6	7	7	17	18
Depreciation	47	50	45	47	48	49	52	55	57	84	112	135	133
Profit before tax	46	2	128	11	-145	3	86	139	106	85	28	120	164
Tax %	13%	203%	5%	52%	3%	66%	4%	4%	7%	1%	-22%	-1%
	40	-2	122	5	-149	1	82	133	99	84	34	121	159
EPS in Rs	11.92	-0.61	35.99	2.12	-58.55	0.39	32.19	52.41	38.76	32.73	12.98	47.08	62.46
Dividend Payout %	0%	0%	3%	0%	0%	0%	0%	2%	3%	0%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	18%
3 Years:	42%
TTM:	44%

Compounded Profit Growth
10 Years:	50%
5 Years:	8%
3 Years:	47%
TTM:	3006%

Stock Price CAGR
10 Years:	25%
5 Years:	18%
3 Years:	1%
1 Year:	25%

Return on Equity
10 Years:	7%
5 Years:	11%
3 Years:	10%
Last Year:	14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	34	34	34	25	25	25	25	25	25	25	25	25	25
Reserves	440	437	556	467	316	318	404	536	637	723	765	886	939
	0	0	13	28	18	7	72	73	96	127	139	327	248
	64	79	76	129	143	132	152	206	101	95	135	169	104
Total Liabilities	537	549	679	649	503	483	654	839	859	971	1,064	1,407	1,317
	257	233	217	174	206	168	236	248	291	411	585	717	681
CWIP	0	0	0	0	1	0	0	1	0	2	0	1	10
Investments	0	0	7	31	35	61	117	179	222	269	131	123	272
	280	317	455	444	261	253	301	412	346	289	348	566	354
Total Assets	537	549	679	649	503	483	654	839	859	971	1,064	1,407	1,317

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	50	29	91	11	13	29	97	233	106	94	53	150
	-36	16	-172	70	-1	-20	-165	-194	-117	-124	-5	-316
	-0	-0	12	-96	-11	-2	48	6	-22	43	-42	142
Net Cash Flow	13	45	-68	-15	0	7	-19	45	-33	13	7	-25

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	142	133	130	208	191	221	190	148	112	41	88	114
Inventory Days
Days Payable
Cash Conversion Cycle	142	133	130	208	191	221	190	148	112	41	88	114
Working Capital Days	115	97	87	144	-10	29	39	127	252	219	36	81
ROCE %	10%	1%	10%	2%	-32%	1%	21%	25%	7%	10%	3%	12%

Shareholding Pattern

Numbers in percentages

6 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	72.04%	72.04%	72.04%	72.05%	72.05%	72.05%	72.05%	72.05%	72.05%	72.05%	72.31%	72.31%
	2.59%	2.60%	2.65%	2.80%	2.82%	2.84%	2.65%	2.65%	3.05%	3.15%	3.81%	4.08%
	0.03%	0.03%	0.03%	0.03%	0.01%	0.01%	0.00%	0.00%	1.78%	5.38%	5.01%	6.22%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	25.31%	25.31%	25.26%	25.11%	25.10%	25.07%	25.29%	25.29%	23.11%	19.39%	18.85%	17.37%
No. of Shareholders	10,916	12,312	11,831	11,430	10,581	11,399	12,820	14,112	13,758	12,862	15,249	17,030

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	72.87%	69.57%	69.57%	71.51%	71.96%	72.04%	72.05%	72.05%	72.31%
	0.00%	3.29%	3.29%	2.60%	0.00%	2.60%	2.84%	3.15%	4.08%
	0.56%	0.65%	0.15%	0.14%	0.11%	0.03%	0.01%	5.38%	6.22%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	26.55%	26.47%	26.97%	25.72%	27.90%	25.31%	25.07%	19.39%	17.37%
No. of Shareholders	16,606	11,353	10,035	9,830	9,595	12,312	11,399	12,862	17,030

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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