Dolphin Offshore Enterprises (India) Ltd - Stock Valuation and Financial Performance

BSE: 522261 | NSE: DOLPHIN | Oil Exploration | Small Cap

Dolphin Offshore Ent Share Price

296.70 -6.05 -2.00%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Dolphin Offshore Ent

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Dolphin Offshore Enterprises (India) stock performance -

mw4me loader
P/E Ratio (SA):
25.19
Market Cap:
1,211.1 Cr.
52-wk low:
12
52-wk high:
343.4

Is Dolphin Offshore Enterprises (India) Ltd an attractive stock to invest in?

1. Is Dolphin Offshore Enterprises (India) Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Dolphin Offshore Enterprises (India) Ltd is a below average quality company.

2. Is Dolphin Offshore Enterprises (India) Ltd undervalued or overvalued?

The key valuation ratios of Dolphin Offshore Enterprises (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Dolphin Offshore Enterprises (India) Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Dolphin Offshore Enterprises (India) Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Dolphin Offshore Ent:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dolphin Offshore Enterprises (India) Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % -1.1%-3.4%-10.2%-5.6%-5.6%-12.7%-54%-4.8%-2.4%37.9%-
Value Creation
Index
-1.1-1.2-1.7-1.4-1.4-1.9NANANA1.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 23349.829.462.254.880.215.40005
Sales YoY Gr.--78.7%-40.9%111.3%-11.9%46.2%-80.8%-100%NANA-
Adj EPS -0.9-1.1-1.8-1.1-1.2-2-4.9-0.4-0.213.412
YoY Gr.-NANANANANANANANANA-
BVPS (₹) 12.910.38.76.75.73.8-1.2-1.6-1.833.236.9
Adj Net
Profit
-15.6-18.5-30.8-18.5-19.8-33.7-81.4-7.2-2.442.4481
Cash Flow from Ops. -23.50.9-3.94.2-11.118.5-36.70.7-0.9-4.4-
Debt/CF from Ops. -3.876-15.715.1-8.44.9-3.5202.3-153.6-4.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -100%-100%-100%NA
Adj EPS NANANANA
BVPS11.1%42.3%NANA
Share Price 43.2% 128.6% 790.6% 70542.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-6.7-9.5-19.3-14.3-19.1-42.2-36930.48.6112.434.3
Op. Profit
Mgn %
-0.14.3-99.75.9-12.9-44-392.300031.5
Net Profit
Mgn %
-6.7-37.2-104.5-29.7-36.1-42-53000010637.2
Debt to
Equity
0.40.40.40.611.4-6.4-4.8-4.50.2-
Working Cap
Days
7742,9603,8201,3701,4951,0695,4990001,280
Cash Conv.
Cycle
2076839671471612251,7910001,054

Recent Performance Summary

No data to display

Return on Equity has declined versus last 3 years average to 34.30%

Sales growth has been subdued in last 3 years -100.00%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at 0.00%

Latest Financials - Dolphin Offshore Enterprises (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 12 11.6
TTM Sales (₹ Cr.) 4.5 4.5
BVPS (₹.) 36.9 54.9
Reserves (₹ Cr.) 144 216
P/BV 8.20 5.52
PE 25.19 26.08
From the Market
52 Week Low / High (₹) 12.02 / 343.40
All Time Low / High (₹) 0.11 / 343.40
Market Cap (₹ Cr.) 1,211
Equity (₹ Cr.) 40
Face Value (₹) 1
Industry PE 11.5

Management X-Ray of Dolphin Offshore Ent:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *71.8971.8964.0566.2366.2366.230.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

Login/Register to view analysis.

Analyst's Notes

Key Ratios of Dolphin Offshore Ent

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales233502962558015000
Operating Expenses 2346459625811581211
Manufacturing Costs182211634397918000
Material Costs0000000000
Employee Cost 2717121110128200
Other Costs 2526311792555111
Operating Profit 0-14-290-3-35-65-2-1-1
Operating Profit Margin (%) -0.1%-28.1%-99.7%0.2%-6.0%-44.0%-425.0%---
Other Income 23172111211000
Interest 17131211141715300
Depreciation 4546322221
Exceptional Items -35-280-240000045
Profit Before Tax -34-43-24-41-19-33-81-7-242
Tax 012-2-2-14000
Profit After Tax -34-44-26-39-17-32-85-7-242
PAT Margin (%) -14.6%-89.0%-89.3%-62.9%-31.3%-40.2%-553.0%---
Adjusted EPS (₹)-2.0-2.6-1.6-2.3-1.0-1.9-5.1-0.4-0.213.4
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 2171721461129564-20-27-30105
Share Capital 1717171717171717173
Reserves 200155129957947-37-44-46102
Minority Interest0000000000
Debt82666063939012813013118
Long Term Debt0000100000
Short Term Debt81666063929012713013018
Trade Payables726862666581991001002
Others Liabilities 129105283042586466663
Total Liabilities 501412296271295293270268267129

Fixed Assets

Gross Block68686836363636363625
Accumulated Depreciation4147516101114161712
Net Fixed Assets27211730262422201913
CWIP 1100000000
Investments 2020202020202020200
Inventories9887666660
Trade Receivables1601301147397115121121121115
Cash Equivalents 876714140001
Others Assets2762251311351321141011011010
Total Assets 501412296271295293270268267129

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -241-44-1118-371-1-4
PBT -34-43-24-41-19-33-81-7-242
Adjustment 4630134824206552-43
Changes in Working Capital -29178-2-1535-203-0-4
Tax Paid -7-3-1-10-30000
Cash Flow From Investing Activity 6636214-5114000
Capex 0000000000
Net Investments 001-1-7113000
Others 6636205210000
Cash Flow From Financing Activity -43-37-17-816-2023-115
Net Proceeds from Shares 0000000003
Net Proceeds from Borrowing -16-8000-100018
Interest Paid -17-13-12-11-13-17-15-300
Dividend Paid -3000000000
Others -7-16-6329-23821-16
Net Cash Flow 0000000000
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-14.56-22.79-16.52-30.32-16.54-40.35N/AN/AN/A112.36
ROCE (%)-5.06-10.94-5.52-15.73-3.16-9.33N/AN/AN/A38.05
Asset Turnover Ratio0.420.110.080.220.190.270.05000
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/AN/AN/A-0.1
Working Capital Days
Receivable Days2901,0611,5105475654832,808000
Inventory Days2865102434227143000
Payable Days0000000000

Dolphin Offshore Enterprises (India) Ltd Stock News

Dolphin Offshore Enterprises (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Dolphin Offshore Ent on 28-Mar-2024 16:01 is ₹296.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Dolphin Offshore Ent stood at ₹1,211.1.
The latest P/E ratio of Dolphin Offshore Ent as of 28-Mar-2024 16:01 is 25.19.
The latest P/B ratio of Dolphin Offshore Ent as of 28-Mar-2024 16:01 is 8.20.
The 52-week high of Dolphin Offshore Ent is ₹343.4 and the 52-week low is ₹12.02.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dolphin Offshore Ent is ₹4.52 ( Cr.) .

About Dolphin Offshore Enterprises (India) Ltd

Dolphin Offshore Enterprises was incorporated on May 17, 1979 as a private limited company with a vision of building national capacity for the nascent offshore oil industry by providing diving, underwater engineering and allied services

Dolphin Offshore Enterprises (India) Limited (DOEIL) is a leading provider of underwater services to the Indian oil and gas industry. Over the years, it has developed a diversified portfolio for undertaking turnkey projects involving sub-sea and marine services and as an EPC contractor. All its services are certified to ISO 9001 and by the American Bureau of Shipping.

The company went in for its Initial Public Offer in 1994 and is now listed on the Bombay and National Stock Exchanges. In order to acquire important assets needed for its expanding business, it also went in for Foreign Currency Convertible Bonds worth $15 million in December 2005. The company's paid up capital and reserves as on March 31, 2008 was Rs 73.72 crore and turnover for the year then ended was Rs 227.70 crore. Based upon its qualification as a Main Contractor for EPC contracts by ONGC this turnover is expected to increase over the next few years, barring unforeseen circumstances.

The company formed an association with Taylor Diving & Salvage Company Inc, a subsidiary of the US-based Halliburton Group and commenced diving operations in the same year. Through this association, DOEIL became the first Indian company to acquire the technology for all aspects of offshore diving and, underwater engineering. To date, it remains the leading Indian company in this field. DOEIL has since, expanded.

In 1994, the company acquired its first vessel, the Ganga Dolphin. The company has since expanded its fleet to 6 harbour tugs and 3 vessels with 2 new vessels and an accommodation cum construction barge under construction.

With a 30 year track record of delivering on a range of underwater, on water,above water and onshore projects, DOEIL has qualified to independently handle two major turnkey projects for ONGC in 2008. That year the company's order book stood at $112 million.

Since its inception, DOEIL has been meticulous in maintaining the highest international standards for safety of personnel and offshore environment. All the company's products are certified to ISO 9001:2000 by the American Bureau of Shipping.

To keep pace with the new challenges of deepwater recovery of hydrocarbons and the impacts of Climate Change, DOEIL has begun work on establishing International Public-Private Sector cooperation for development of underwater technology and environment protection, search and rescue operations and setting up of training facilities. The client list of the company includes-Aban Lloyd, Bechtel International Inc.,Brown & Root, Cairn Energy India Pvt. Ltd.,C.C.C (Underwater Engineering),Cochin Shipyard Ltd., Engineers India Ltd.,Essar Oil Ltd., Essar Shipping, Essar Construction, ETPM, Fugro Geonics Pvt. Ltd., Global Offshore Industries L.L.C, Great Eastern Shipping Co. Ltd, Hindustan Petroleum Corporation Ltd, Hindustan Shipyard Ltd, Hyundai Heavy Industries Co. Ltd, Indian Oil Corporation Ltd, Indian Coast Guard, Instrumentation Ltd, Iranian Offshore Engineering & Construction Co., Larsen & Toubro Ltd. (L&T) and many more.

Recognizing the immediate global shortage of underwater professionals, the company is launching its own in house training program for divers and underwater technicians and to ensure the Country can build up its pool of professionals with international certification.

Services provided by the company are:

  • Underwater construction services entailing modification and redevelopment of existing offshore facilities
  • Pre-engineering surveys
  • Diving support for pipe laying, including pipe line stabilization
  • Inspection, maintenance and repairs of platforms
  • Installation and replacement of pipelines, risers and conductors
  • Underwater ship repair and maintenance
  • Rig support diving services including UWILD surveys
  • Inspection required for various certifying bodies such as ABS, DNV and USCG certifications
  • ROV services which until now have been carried out for ONGC on board their drill ships, in collaboration with Oceaneering International

Subsidiaries of the company

  • Procyon Offshore Services Limited (100% subsidiary)
  • Dolphin Offshore Enterprises (Mauritius) Private Limited (100% subsidiary)
  • Dolphin International Risk Services Limited (100% subsidiary)
  • Global Dolphin Drilling Company Limited

Associate Companies:

  • Dolphin Offshore Projects Limited
  • Kanika Shipping Limited
  • Oakland Trading Private Limited
  • Bioseek Diabetes Care (India) Private Limited

Awards/Achievements

The company's products are certified to ISO 9001:2000 by the American Bureau of Shipping.

IMCA Certification - DOEIL is a Contractor (CO) Member of the International Maritime Contractors Association (Diving and Marine Divisions), and the Company's Quality Management System reflects the recommendations of IMCA.

Recent developments

DOEIL, celebrated it 30th anniversary in May 2009 with a series of events including a joint seminar with the Economic Times which attracted a large turnout of offshore professionals and media.

Beas Dolphin owned by Dolphin Offshore Enterprises (Mauritius) Pvt. Ltd. wholly owned subsidiary of DOEIL was launched on April 26, 2009.

Read More Read Less
You have 2 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.