SEAMEC Ltd –

Q1 concall and results highlights –

Revenues – 223 vs 224 cr ( flat YoY )
EBITDA – 81 vs 61 cr, 33 pc ( margin @ 36 vs 27 pc – massive expansion, does not include the exceptional gain on sale of one of the bulk carriers )
PAT – 50 vs 26 cr ( includes an exceptional gain of 9 cr )

Company is net debt free. Has net cash on books @ 92 cr

Company profile – Owns and operates 05 state of the art DSV ( Diving support vehicles used to support offshore work like – maintenance and inspection of mobile platforms, pipelines etc ) and 03 OSV ( Offshore support Vehicles- these are also used to support offshore work ) and 02 Bulk Carriers ( used to carry dry bulk cargo like – coal, iron ore, grains etc )

Services provided by the company –

IMR ( inspection, maint, repair ) Operations – for Sub Sea infra
ROV ( remotely operated vehicles ) – facilitating safe and unmanned sub sea operations where human presence is unviable
Sub-Sea construction
Sub Sea fire fighting
Sub Sea pollution control

Major clients –

ONGC ,L&T, Aramco, POSH, MERMAID, ZAMIL, James Fisher, Kreuz Subsea

Current Portfolio of vessels –

DSVs, Gross Tonnage, Year of procurement –

Seamec – II, 4503, 1993
Seamec – III, 4327, 1993
Seamec – Princess, 11121, 2006
Seamec – Paladin, 5648, 2021
Seamec – Swordfish, 5732, 2023

OSVs, Gross Tonnage, Year of procurement –

Seamec – Diamond, 1922, 2024 ( acquired in Apr 24. Deployed with ONGC for 3 yrs @ $ 8750 / day. That translates to aprox 16-18 Cr / yr … assuming 270 days of deployment )
Seamec – Glorious, 8950, 2021
Seamec – Pearl – Delivery expected in June 24 ( again expected to be deployed with ONGC at similar rates )
Delivery of another OSV – Nusantara – is expected in Sep 25

Bulk Carriers, Gross Tonnage, Year of procurement –

Seamec – Gallant, 32289, 2017
Seamec – Asian Pearl, 27989, 2020

The DSV/OSV work has much higher margins due to the specialised nature of work vs margins earned by Bulk carriers

Confident of growing the business profitability @ 15-20 pc rates in the medium term. Acquisition and deployment of vessels this yr and DSV – Nusantara should ensure growth for FY 25 and FY 26. Even going fwd, company will not shy away from procuring more DSV / OSV assets in order to keep the growth engine running

Revenue enhancing triggers lined up for next 1-2 yrs include – repricing of OSV – Glorious, DSV – Swordfish, Deployment of Nusantara, Deployment of another OSV

Disc: holding, biased, not SEBI registered, not a buy / sell recommendation

it’s okay buddy, our focus is to make money not to pic the small mistakes, we all can make some. Whether you call it market place or trading company it doesn’t matter till the time you know , how much money it can make and how much money you can make from it …

then is this platform for something else?? Not for finding stocks to earn money …
If someones knows the method ; shouldn’t you be curious to know. That too in Equity (NOT F&O); no Intraday, purely delivery

I joined like 15 mins late so have captured the summary post that.

AGM 2024 summary

Chennai expansion plan

• Multi speciality hospital with 300 beds with 300cr capex
• Timeline for completion would be 18-24 months
• Plan to go to chennai was to improve the brand image which would aid in further expansion
• When asked about competitive threats from the biggies in Chennai, Chairman responded saying if they provide good service at reasonable cost they will do good.

Other expansion plans

• Main center they have plans for children hospital
• Existing center max beds that they can possibly go is 2500
• With the Nursing college moved out of the campus, they are adding another 100 private rooms in the existing center( i think its ongoing)
• Future if there are any good opportunity that they see they might expand within Coimbatore or any other city.

Chairman was sounding confident and hopes to get to 2000cr topline soon

Disclosure – Holding from lower levels

From Q1-FY25 concall

Management mentions they are working on something akin to Isostearic acid, another novel product. Only a few companies worldwide produce it, and none in India. They’ve indicated that while it’s difficult to provide a precise timeline, updates will be shared during con-calls once pilot plant runs are successful.