DOEIL Posts Record Growth in 2009 as Independent EPC Contractor
May 14, 2009 | Mumbai

On the occasion of its 30th Anniversary,DOEIL, India's leading underwater services company, today announced its financial results for the year ended 2008 -2009

Financial Highlights :

• Total Income was 357.76 crores, an increase of 48.5 percent over last year
  
• EBITDA margin was Rs.73.45 crores, an increase of 67.5 percent over last year
  
• Net Profit after tax was Rs. 40.01 crores, an increase of 146 percent over the same period last year
  
• Basic Earnings Per Share (EPS) for the year was Rs. 41.83 as compared to Rs.17.34 last year
  
• The board of directors has recommended, subject to shareholders approval, a dividend of Rs 3.00 per equity share of Rs 10.00 each in addition to a bonus issue of two equity shares for every five equity shares held
  

Presenting the results, the Joint Managing Director, Mr. Navpreet Singh said: "A large part of this growth in revenues and profits has come from the Company's qualification as an independent EPC contractor. Our strategy of tapping into international markets in China, Malaysia and Vietnam - particularly during the monsoon months when our resources remain idle - has also paid dividends."

Announcing the results, the Chairman, Rear Admiral Kirpal Singh (Retd.), recalled the results of the first year, 1979-80, when the company posted a turnover of Rs. 15 lakhs on a paid up capital of Rs 5500. Since then, DOEIL has grown 2300 fold, expanding its portfolio from diving services to offshore /onshore fabrication and installation services, marine and ship repair services and has a growing fleet of vessels.

"DOEIL has posted its best year ever at a time of global recession, tumbling oil prices and an economic downturn that has affected the industry world wide," said the Chairman. "This is the fruition of years of effort to build a world class company providing integrated services to the offshore oil and gas industry. Yesterday, we hosted a national seminar to promote training, safety and sustainability in deepwater offshore operations at a time when the ocean temperatures were changing."

YEAR	TURNOVER	PROFIT AFTER TAX	REMARKS
1979 - 80	15,05	2	Supply of manpower
1989 - 90	3,37,41	20,57	Turnkey rig repair
1991 - 94	32,96,32	96.54	Management of MSVs
2001 - 02	70,79,01	2,95,09	EPC subcontractor
2006 - 07	206,25,93	14,83,25	EPC Main contractor (in consortium)

Explaining the company's strategy for future growth, the Managing Director, Mr. Satpal Singh, said: "Last year, we applied to the Gujarat Maritime Board for allocation of land in Jaffrabad in response to their invitation to companies to set up shipyards in Gujarat. We needed an independent facility including a fabrication yard with water front to win and execute turnkey EPC contracts. The allocation of this project involves a significant investment which will be done in three phases according to current plans. The first involves setting up a shipbuilding and fabrication yard with jetty."

The company also launched its improved website www.dolphinoffshore.com at the function. The site provides information for clients, media, investors and job seekers in a fast growing company.

For additional information please contact :

V. Surendran
Company Secretary
DOEIL
Tel : 022 - 2287 3474
v.surendran@dolphinoffshore.com

Pankaj Tiwari
College Hill Perfect Financials
Mobile : 98674 06519
Tel : 022 24367943
pankaj.tiwari@collegehillperfect.com

DOEIL
(BSE Code : 522261)
(NSE Code : DOLPHINOFF)

Back