Communication Details
• Issued on August 6, 2024, to BSE and NSE.
• Enclosed transcripts of the earnings call held on August 1, 2024.
• Signed by Anand Prabhakar Punde, Company Secretary.
Financial Performance
• Q1 FY25 Results:
• Consolidated net profit: INR 812 crores (significant year-over-year increase).
• Interim dividend declared: INR 9 per share (tenth consecutive quarterly dividend).
• Net asset value per share: INR 1,464.
Shipping Sector Performance
• Crude Tankers:
• Weaker earnings due to reduced Chinese imports.
• Product Tankers:
• Benefited from increased ton-mile demand.
• LPG Carriers:
• Stable earnings despite slight trade decline.
• Dry Bulk Markets:
• Improved due to rising Chinese iron ore and coal imports.
Order Book and Fleet Management
• Order Book:
• Crude tankers: 8% with minimal deliveries in 18 months.
• Product tankers: 17%.
• LPG sector: 25% (most deliveries tail-ended).
• Fleet Condition:
• 4.8% of fleet expected delivery in 18 months.
• Low scrapping rates due to strong freight markets.
• Over 15% of crude tankers over 20 years old.
Financial Strategy and Outlook
• Transitioned from $360 million net debt to $350 million net cash over five years.
• New subsidiary established for in-chartering activities.
• Cautious approach to fleet modernization versus downsizing.
• No specific guidance on future earnings due to market uncertainties.
Market Conditions and Strategy
• Preference for spot market operations over long-term contracts.
• Cautious about locking in contracts at high rates.
• Potential entry into the container market during downturns.
Management Insights
• Acknowledged volatility in shipping markets and cyclical nature.
• Emphasized importance of timing investments.
• Discussed aging fleet and its impact on order book relevance.
• Clarified financial strategies and metrics for valuation.
Conclusion
• Management maintains a cautious yet optimistic outlook.
• Focus on long-term investment opportunities amidst market fluctuations.
• Invitation for further questions and availability of transcripts.

Introduction
• Earnings call moderated by Anjali Kumar, Head of Corporate Communications.
• Panel included Executive Director and CFO G. Shivakumar and Rahul Sheth.
• Call focused on financial results for Q4 and FY'24.
Financial Highlights
• Achieved highest-ever consolidated net profit of ₹2,614 crores.
• Consolidated NAV rose to approximately ₹1,400 per share.
• Declared fourth interim dividend of ₹10.80 per share, totaling ₹36.30 for the fiscal year.
Market Conditions
• Improvements in crude and product tanker rates due to high spot market prices.
• LPG rates increased following contract repricing.
• Weaker dry bulk rates overall, with some recovery in larger ships.
• Low order book across various ship types provides a cushion against market weaknesses.
Shipping Industry Insights
• LPG sector has grown significantly, with fleet increasing 2.5 times over the past decade.
• Asset prices, particularly for LPG carriers, are at all-time highs.
• Company faced challenges from FY'16 to FY'21 but improved utilization and contract coverage since FY'21.
Q&A Highlights
• Investment strategy is agnostic to vessel type; focus on potential returns.
• Positive outlook for offshore vessel contract renewals.
• Current earnings for OSVs significantly lower than recent contract rates, indicating a strong market.
Fleet Modernization Strategy
• Strategy to replace older MR tankers with newer ones to limit capital investment.
• Emphasis on strong market conditions to justify significant purchases.
• Discussion on the viability of retaining older ships in a tight capacity market.
Operational and Financial Outlook
• Order book approximately 15% full, with flexibility in transitioning LR2 tankers to crude.
• Concerns about rig suspensions in the Middle East addressed.
• Increased operating costs due to heightened demand and inflation.
Future Considerations
• Revenue and EBITDA forecasts uncertain due to volatile rates.
• Preference for spot market over time charters for product tankers.
• Discussions on share buybacks versus dividends and ship repair costs at pre-COVID levels.

Submission Details
• Date of submission: February 5, 2024
• Enclosed: Transcript of earnings call held on January 31, 2024
• Focus: Financial results for the quarter ending December 31, 2023
Financial Overview
• Consolidated Net Profit: 538 crores
• Net Asset Value (NAV): Exceeded Rs. 1,300 per share
• Interim Dividend: Rs. 6.30 per share; total Rs. 25.5 for nine months
• Standalone Net Profit: Decreased to 514 crores from 605 crores year-on-year
• Reason: Weaker tanker markets; crude carrier earnings dropped from $60,000 to $45,000 per day
Market Performance
• Shipping Market: Mixed performance
• Crude tanker earnings stabilizing
• Product tanker earnings declining due to reduced exports from China
• Dry bulk sector improved, especially for Capesize vessels
• LPG Sector: Spot market rates averaged $100,000 per day
Asset and Fleet Management
• Order Book:
• Bulk carriers under 9%
• Product tankers at +12%
• Scrapping: Minimal, only 0.5% of dry bulk fleet
• Oil Field Services: Greatship India Limited facing restricted fleet supply but improving utilization rates
Financial Position
• Leverage: Reduced; $250 million in net cash
• Stock Price: Tripled over two years but trades at a 25% discount to NAV
Q&A Highlights
• Capital Allocation: No better purchasing opportunities; focus on modernizing fleet
• Offshore Segment: Lower EBITDA due to maintenance of a rig; new contract secured at higher rate
• Market Conditions: Tight despite Aramco's capacity expansion halt; potential for higher rates in rig contract renewals
Additional Insights
• Ship Scrapping: Dependent on operational costs and market demand, not just age
• Tanker Rates: Influenced by geopolitical factors; current high rates may not be sustainable
• Product Tanker Market: Strong pricing; rates between $35,000 to $40,000 for MR tankers
Closing Remarks
• Acknowledgment: Gratitude for participation; challenges in providing long-term forecasts
• Future Engagement: Encouragement for continued questions and discussions
• Transcript Availability: Will be made available shortly

Call Overview
• Earnings call conducted to discuss Q2 financial results for the quarter ending September 30, 2023.
• Led by CFO G. Shivakumar, included a Q&A session.
• Transcript provided to BSE and NSE.
Financial Highlights
• Consolidated net profit: Nearly Rs. 600 crores.
• Consolidated net asset value (NAV): Increased to Rs. 1,263 per share.
• Seventh consecutive quarterly dividend declared.
• Market performance: Decline in product and dry bulk tankers; slight improvement in crude tankers.
Market Conditions
• Current spot rates: Aframaxes and Suezmaxes over $55,000/day; LPG nearing $100,000/day.
• Anticipated strengthening of the shipping market as OPEC cuts are reversed.
• Strong demand in the offshore business with rising rig and vessel pricing.
Asset Management and Strategy
• Preparing for the repricing of several rigs from H1 FY'25 to H2 FY'26.
• Reduced leverage and significant cash reserves for future opportunities.
• Shift towards larger, modern vessels; sold older bulk carrier and contracted for a new eco Kamsarmax.
Q&A Insights
• Risks in offshore business include unexpected events affecting oil prices.
• Recent MR tanker purchase viewed as a strategic modernization despite high prices.
• Conservative CAPEX strategy focused on incremental investments for fleet modernization.
Fleet Management
• Increase in order book due to new orders, not scrapping.
• Decreased congestion levels in the capesize fleet; potential for increased congestion if trade recovers.
• Most fleet operates on long-term contracts, minimizing exposure to spot market fluctuations.
Market Outlook
• Anticipated strengthening of the tanker market during winter months.
• Cautious approach to fleet expansion in dry bulk sector; preference for incremental investments.
• Impact of EU carbon tax on operational costs expected to be passed to consumers.

Earnings Call Overview
• Date: May 12, 2023
• Submitted to: BSE Limited and National Stock Exchange of India on May 17, 2023
• Moderator: Mr. Shivakumar G., Group CFO
• Format: Presentation followed by Q&A
• Signed by: Jayesh M. Trivedi, President (Secretarial & Legal) and Company Secretary
Financial Highlights
• Record net profit: Rs. 2,575 crores (surpassing 2008-09 record)
• Standalone net profit for Q4: Rs. 632 crores; consolidated profit: Rs. 722 crores
• Highest-ever dividends declared: Rs. 28.8 per share
• Significant NAV increases:
• Standalone NAV: Rs. 618 to Rs. 962 per share
• Consolidated NAV: Rs. 678 to Rs. 1,160 per share
• Strong cash flows leading to a net cash position
Market Insights
• Robust tanker market with highest asset prices since 2009
• Seasonal weakness in dry bulk markets
• Increased earnings for crude and product tankers due to higher daily rates
• Concerns about potential recessionary pressures affecting demand
Offshore Business Outlook
• Strong demand in the Middle East, particularly from Saudi Aramco
• Rig utilization improved to nearly 90%
• Recent acquisition of an 80-ton anchor handler with a three-year contract
• Anticipation of higher pricing for vessels due to previous low market contracts
Q&A Highlights
• Tax write-back of Rs. 45 crores contributed to offshore profitability
• Day rates for OSV fleet around $10,000 or higher
• Concerns about the "dark fleet" transporting Russian oil and regulatory implications
• Discussion on share buybacks and offshore wind farm servicing opportunities
• Clarification on maintaining cash reserves for debt repayments
• Insights on crude demand and potential fleet reduction
Future Considerations
• Focus on existing shipping and oil field services businesses
• Uncertain shipping cycle outlook but currently strong across segments
• Debt prepayment options discussed, with $72 million prepaid last year
Conclusion
• The call concluded with an invitation for further questions and noted the availability of transcripts for participants.

Submission Details
• Date of Call: February 1, 2023
• Submission Date: February 7, 2023
• Recipient: BSE Limited and National Stock Exchange of India Limited
• Signed by: Jayesh M. Trivedi
Financial Highlights
• Record Profit: Exceeded Rs. 1,800 crores
• Consolidated NAV: Surpassed Rs. 1,000 per share
• Interim Dividends: Highest-ever at Rs. 19.80 per share
• Strong Cash Flows: Enabled debt prepayments and dividend payouts
Market Performance
• Tanker Market: Robust performance, especially for crude tankers
• Dry Bulk Sector: Facing challenges due to declining steel production
• Order Book: Historically low levels, favorable supply-side outlook
• LPG Carrier Order Book: Higher at 21%, anticipating trade growth
Asset and Pricing Insights
• Asset Prices: Tankers have risen; dry bulk prices down 20-30% from peak
• Scrapping Rates: Remain low, potential future balance in demand and supply
• Offshore Business: Strong demand, particularly in the Middle East, with rig utilization near 90%
• Cash Position: Net cash exceeds debt, trading at a discount to NAV
Management Strategies
• Chartering Older Vessels: Challenges noted; strategy focused on spot market operations
• Cash Management Policy: Comfortable holding cash for high-return investment opportunities
• Categories for Cash Reserves: Risk capital, replacement capital, growth capital
Offshore Operations
• Negative EBIT: Due to rig downtime for new contract preparation
• Pricing Improvements: Rigs and vessels have seen significant price increases
Market Conditions
• Seasonal Demand: Recent declines in tanker indices expected; market remains tight
• Revenue Coverage for Q4: Higher due to shorter time frame
• Capital Deployment: Opportunities emerging as market stabilizes despite declining rates
Depreciation and Vessel Management
• Depreciation Policy: Ships have a 27-year depreciation period; some may last up to 30 years
• Older Vessels: No immediate need to sell; can still provide good returns
Additional Insights
• Impact of Russian Product Ban: Potential market shifts to Africa and Latin America
• Ton Mile Demand: Year-on-year improvement for crude oil despite ongoing purchases from China
Conclusion
• Further Queries: Investors can direct questions to a specified email on the company website
• Availability: Transcript and audio of the call will be accessible on the website.