BSE: 522261 | NSE: DOLPHIN | Oil Exploration | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Dolphin Offshore Enterprises (India) Ltd is a below average quality company.
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.
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.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -10.9% | -5.5% | -15.7% | -3.2% | -9.3% | -50.5% | -3.9% | -2.4% | 38.1% | 1% | - |
| Value Creation Index ⓘ | -1.8 | -1.4 | -2.1 | -1.2 | -1.7 | NA | NA | NA | 1.7 | -0.9 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 49.8 | 29.4 | 62.2 | 54.8 | 80.2 | 15.4 | 0 | 0 | 0 | 6.5 | 4 |
| Sales YoY Gr. | - | -40.9% | 111.3% | -11.9% | 46.2% | -80.8% | -100% | NA | NA | NA | - |
| Adj EPS ⓘ | -1.1 | -1.8 | -1.1 | -1.2 | -2 | -4.9 | -0.4 | -0.2 | 3.5 | 1.5 | 0.8 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | -56.1% | - |
| BVPS (₹) ⓘ | 10.3 | 8.7 | 6.7 | 5.7 | 3.8 | -1.2 | -1.6 | -1.8 | 33.2 | 37.3 | 37.6 |
| Adj Net Profit ⓘ | -18.5 | -30.8 | -18.5 | -19.8 | -33.7 | -81.4 | -7.2 | -2.4 | 11.1 | 6.1 | 3 |
| Cash Flow from Ops. ⓘ | 0.9 | -3.9 | 4.2 | -11.1 | 18.5 | -36.7 | 0.7 | -0.9 | -4.4 | 1.6 | - |
| Debt/CF from Ops. ⓘ | 76 | -15.7 | 15.1 | -8.4 | 4.9 | -3.5 | 202.3 | -153.6 | -4.1 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -20.3% | -39.6% | NA | NA | ||||
| Adj EPS ⓘ | NA | NA | NA | -56.1% | ||||
| BVPSⓘ | 15.4% | 57.7% | NA | 12.3% | ||||
| Share Price | 36.9% | 277.7% | 975.7% | 542.5% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -9.5 | -19.3 | -14.3 | -19.1 | -42.2 | -369 | 30.4 | 8.6 | 29.4 | 4.8 | 2 |
| Op. Profit Mgn % ⓘ | 4.3 | -99.7 | 5.9 | -12.9 | -44 | -392.3 | 0 | 0 | 0 | 38 | -108.6 |
| Net Profit Mgn % ⓘ | -37.2 | -104.5 | -29.7 | -36.1 | -42 | -530 | 0 | 0 | 0 | 95 | 81.5 |
| Debt to Equity ⓘ | 0.4 | 0.4 | 0.6 | 1 | 1.4 | -6.4 | -4.8 | -4.5 | 0.2 | 0 | 0 |
| Working Cap Days ⓘ | 2,960 | 3,820 | 1,370 | 1,495 | 1,069 | 5,499 | 0 | 0 | 0 | 6,977 | 1,696 |
| Cash Conv. Cycle ⓘ | 683 | 967 | 147 | 161 | 225 | 1,791 | 0 | 0 | 0 | 6,340 | 1,640 |
No data to display
Return on Equity has declined versus last 3 years average to 2.00%
Sales growth has been subdued in last 3 years 0.00%
Net Profit has been subdued in last 3 years 0.00%
Sales growth is not so good in last 4 quarters at -50.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.8 | 5.6 |
| TTM Sales (₹ Cr.) | 3.7 | 28.8 |
| BVPS (₹.) ⓘ | 37.6 | 60.6 |
| Reserves (₹ Cr.) ⓘ | 146 | 238 |
| P/BV ⓘ | 13.92 | 8.63 |
| PE ⓘ | 687.07 | 93.43 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 79.77 / 948.75 |
| All Time Low / High (₹) | 0.11 / 948.75 |
| Market Cap (₹ Cr.) | 2,091 |
| Equity (₹ Cr.) | 4 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 8.5 |
| Pledged * | 66.23 | 66.23 | 66.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 50 | 29 | 62 | 55 | 80 | 15 | 0 | 0 | 0 | 6 |
| Operating Expenses ⓘ | 64 | 59 | 62 | 58 | 115 | 81 | 2 | 1 | 1 | 10 |
| Manufacturing Costs | 21 | 16 | 34 | 39 | 79 | 18 | 0 | 0 | 0 | 1 |
| Material Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 17 | 12 | 11 | 10 | 12 | 8 | 2 | 0 | 0 | 0 |
| Other Costs ⓘ | 26 | 31 | 17 | 9 | 25 | 55 | 1 | 1 | 1 | 8 |
| Operating Profit ⓘ | -14 | -29 | 0 | -3 | -35 | -65 | -2 | -1 | -1 | -3 |
| Operating Profit Margin (%) | -28.1% | -99.7% | 0.2% | -6.0% | -44.0% | -425.0% | - | - | - | -51.7% |
| Other Income ⓘ | 17 | 21 | 1 | 1 | 21 | 1 | 0 | 0 | 0 | 4 |
| Interest ⓘ | 13 | 12 | 11 | 14 | 17 | 15 | 3 | 0 | 0 | 1 |
| Depreciation ⓘ | 5 | 4 | 6 | 3 | 2 | 2 | 2 | 2 | 1 | 1 |
| Exceptional Items ⓘ | -28 | 0 | -24 | 0 | 0 | 0 | 0 | 0 | 45 | 2 |
| Profit Before Tax ⓘ | -43 | -24 | -41 | -19 | -33 | -81 | -7 | -2 | 42 | 0 |
| Tax ⓘ | 1 | 2 | -2 | -2 | -1 | 4 | 0 | 0 | 0 | -5 |
| Profit After Tax | -44 | -26 | -39 | -17 | -32 | -85 | -7 | -2 | 42 | 6 |
| PAT Margin (%) | -89.0% | -89.3% | -62.9% | -31.3% | -40.2% | -553.0% | - | - | - | 88.8% |
| Adjusted EPS (₹) | -2.6 | -1.6 | -2.3 | -1.0 | -1.9 | -5.1 | -0.4 | -0.2 | 13.4 | 1.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 172 | 146 | 112 | 95 | 64 | -20 | -27 | -30 | 105 | 149 |
| Share Capital ⓘ | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 3 | 4 |
| Reserves ⓘ | 155 | 129 | 95 | 79 | 47 | -37 | -44 | -46 | 102 | 145 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 66 | 60 | 63 | 93 | 90 | 128 | 130 | 131 | 18 | 0 |
| Long Term Debt | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 66 | 60 | 63 | 92 | 90 | 127 | 130 | 130 | 18 | 0 |
| Trade Payables | 68 | 62 | 66 | 65 | 81 | 99 | 100 | 100 | 2 | 0 |
| Others Liabilities ⓘ | 105 | 28 | 30 | 42 | 58 | 64 | 66 | 66 | 3 | 0 |
| Total Liabilities ⓘ | 412 | 296 | 271 | 295 | 293 | 270 | 268 | 267 | 129 | 150 |
Fixed Assets | ||||||||||
| Gross Block | 68 | 68 | 36 | 36 | 36 | 36 | 36 | 36 | 25 | 3 |
| Accumulated Depreciation | 47 | 51 | 6 | 10 | 11 | 14 | 16 | 17 | 12 | 0 |
| Net Fixed Assetsⓘ | 21 | 17 | 30 | 26 | 24 | 22 | 20 | 19 | 13 | 3 |
| CWIP ⓘ | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 0 | 15 |
| Inventories | 8 | 8 | 7 | 6 | 6 | 6 | 6 | 6 | 0 | 0 |
| Trade Receivables | 130 | 114 | 73 | 97 | 115 | 121 | 121 | 121 | 115 | 115 |
| Cash Equivalents | 7 | 6 | 7 | 14 | 14 | 0 | 0 | 0 | 1 | 0 |
| Others Assetsⓘ | 225 | 131 | 135 | 132 | 114 | 101 | 101 | 101 | 0 | 18 |
| Total Assets ⓘ | 412 | 296 | 271 | 295 | 293 | 270 | 268 | 267 | 129 | 150 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 1 | -4 | 4 | -11 | 18 | -37 | 1 | -1 | -4 | 2 |
| PBT ⓘ | -43 | -24 | -41 | -19 | -33 | -81 | -7 | -2 | 42 | 0 |
| Adjustment ⓘ | 30 | 13 | 48 | 24 | 20 | 65 | 5 | 2 | -43 | 2 |
| Changes in Working Capital ⓘ | 17 | 8 | -2 | -15 | 35 | -20 | 3 | -0 | -4 | -1 |
| Tax Paid ⓘ | -3 | -1 | -1 | 0 | -3 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | 36 | 21 | 4 | -5 | 1 | 14 | 0 | 0 | 0 | -22 |
| Capex | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 |
| Net Investments | 0 | 1 | -1 | -7 | 1 | 13 | 0 | 0 | 0 | -14 |
| Others ⓘ | 36 | 20 | 5 | 2 | 1 | 0 | 0 | 0 | 0 | -15 |
| Cash Flow From Financing Activityⓘ | -37 | -17 | -8 | 16 | -20 | 23 | -1 | 1 | 5 | 20 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 39 |
| Net Proceeds from Borrowing ⓘ | -8 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 18 | 0 |
| Interest Paid ⓘ | -13 | -12 | -11 | -13 | -17 | -15 | -3 | 0 | 0 | -1 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -16 | -6 | 3 | 29 | -2 | 38 | 2 | 1 | -16 | -18 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -22.79 | -16.52 | -30.32 | -16.54 | -40.35 | N/A | N/A | N/A | 112.36 | 4.52 |
| ROCE (%) | -10.94 | -5.52 | -15.73 | -3.16 | -9.33 | N/A | N/A | N/A | 38.05 | 1 |
| Asset Turnover Ratio | 0.11 | 0.08 | 0.22 | 0.19 | 0.27 | 0.05 | 0 | 0 | 0 | 0.05 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.1 | 0.33 | Working Capital Days |
| Receivable Days | 1,061 | 1,510 | 547 | 565 | 483 | 2,808 | 0 | 0 | 0 | 6,475 |
| Inventory Days | 65 | 102 | 43 | 42 | 27 | 143 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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:
Subsidiaries of the company
Associate Companies:
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.
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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