Great Eastern Shipping Co. Ltd. — Interim / Quarterly Report 2022

Oct 29, 2021

Our Ref.: S/2021/JMT

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October 29, 2021

BSE Limited

1[st] Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

National Stock Exchange of India Limited Exchange Plaza, 5[th] Floor, Plot No. C/1, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

This is to inform you that the Board of Directors at their meeting held today, i.e. October 29, 2021 have considered and taken on record the Unaudited Financial Results (Provisional) for the quarter and half year ended September 30, 2021.

Copy of the results together with the Limited Review Report is attached. The same will be published in the newspapers as required.

The Board has declared an interim dividend of Rs. 4.50/- per share to the equity shareholders of the Company.

The Company has fixed November 12, 2021 as ‘Record Date’ for the purpose of ascertaining the shareholders eligible for receiving the interim dividend. The interim dividend will be paid to the shareholders on or after November 18, 2021.

The meeting of the Board of Directors commenced at 1.00 p.m. and concluded at 3.40 p.m.

You are requested to take note of the above.

Thanking You, Yours faithfully,

For The Great Eastern Shipping Co. Ltd.

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Jayesh M. Trivedi

President (Secl. & Legal) & Company Secretary

Email ID: jayesh_trivedi@greatship.com

www.greatship.com

Chartered Accountants One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India

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Phone: +91 22 6185 4000 Fax: +91 22 6185 4101

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF THE GREAT EASTERN SHIPPING COMPANY LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of The Great Eastern Shipping Company Limited (“the Company”), for the quarter and six months ended September 30, 2021 (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm’s Registration No. 117366W/W-100018)

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Samir R. Shah (Partner) (Membership No. 101708)

Place: Mumbai Date: 29 October 2021

Regd. Office: One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

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(Rs. in crores)
Particulars Quarter Ended Half Year Ended Year Ended
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (AUDITED)
1. Revenue from operations 722.96 626.94 599.04 1349.90 1504.51 2674.12
2. Other income
(a) Profit on sale of ships and other assets (net) 35.45 12.32 0.13 47.77 0.26 85.68
(b) Other income 29.70 39.99 22.36 69.69 73.85 133.05
65.15 52.31 22.49 117.46 74.11 218.73
3. Total income [ 1 + 2 ] 788.11 679.25 621.53 1467.36 1578.62 2892.85
4. Expenses
(a) Fuel oil and water 120.08 109.17 71.85 229.25 171.83 353.56
(b) Port, light and canal dues 43.26 45.27 34.96 88.53 71.18 161.70
(c) Consumption of spares and stores 37.00 33.99 38.38 70.99 80.36 166.76
(d) Employee benefits expense 113.41 125.10 109.66 238.51 228.68 457.69
(e) Net (gain)/loss due to change in fair value/ settlement of derivative contracts (net) (48.80) 25.56 (108.54) (23.24) (176.94) (309.59)
(f) Foreign exchange (gain)/loss, (net) 0.02 (30.15) 38.10 (30.13) 43.85 55.06
(g) Finance costs 61.53 74.12 44.43 135.65 105.52 227.31
(h) Depreciation and amortisation expense 117.66 115.05 108.56 232.71 224.52 438.65
(i) Other expenses 61.76 78.14 59.99 139.90 126.80 275.84
Total expenses 505.92 576.25 397.39 1082.17 875.80 1826.98
5. Profit before tax [ 3 - 4 ] 282.19 103.00 224.14 385.19 702.82 1065.87
6. Tax expense -
- Current tax 5.50 9.00 9.00 14.50 14.00 25.00
- Deferred tax (net) 3.44 (5.26) (0.82) (1.82) 7.59 10.74
8.94 3.74 8.18 12.68 21.59 35.74
7. Profit for the period [ 5 - 6 ] 273.25 99.26 215.96 372.51 681.23 1030.13
8. Other comprehensive income/(loss)
(a) Items that will not be reclassified to Profit or Loss 6.33 (1.48) (10.13) 4.85 (9.11) (19.13)
(b) Income tax relating to items that will not be reclassified to Profit or Loss - - - - - -
(c) Items that will be reclassified to Profit or Loss (1.33) 13.84 (5.78) 12.51 0.59 59.62
(d) Income tax relating to items that will be reclassified to Profit or Loss - - - - - -
5.00 12.36 (15.91) 17.36 (8.52) 40.49
9. Total comprehensive income for the period [ 7 + 8 ] 278.25 111.62 200.05 389.87 672.71 1070.62
10. Paid-up equity share capital (Face Value Rs.10/- per share) 146.97 146.97 146.97 146.97 146.97 146.97
11. Other equity 5951.02
12. [Earnings per share (of Rs.10 each) (not annualised for the period)]
(in Rupees)
(a) Basic 18.59 6.75 14.69 25.35 46.35 70.09
(b) Diluted 18.56 6.74 14.67 25.30 46.26 69.96
See accompanying notes to the financial results
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THE GREAT EASTERN SHIPPING COMPANY LIMITED

STATEMENT OF STANDALONE CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2021

A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments For : Depreciation and amortisation expense Interest income Finance cost (Gain)/Loss on settlement of derivative contracts Net gain on investments Net gain on disposal of property, plant and equipment Bad debts and advances written off Allowance for doubtful debts and advances (net) Exchange differences on translation of assets and liabilities Changes in fair value on derivative transactions/other financial assets Operating profit before working capital changes Adjustments For : (Increase)/Decrease in trade and other receivables (Increase)/Decrease in inventories Increase/(Decrease) in trade payables Increase/(Decrease) in other liabilities Cash generated from operations Direct taxes paid Net cash (used in)/generated from operating activities B. CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Purchase of current investments Proceeds from disposal/redemption of investments Investment in subsidiary Placements of deposits with banks Withdrawal of deposits with banks Interest received Net cash (used in)/generated from investing activities C. CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings Repayments of borrowings Dividend paid Loss on principal settlement of derivative contracts Gain on interest settlement of derivative contracts Interest paid Repayment of lease liability Net cash (used in)/generated from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Exchange difference on translation of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period

(Rs. in crores) 2021 2020 385.19 702.82 232.71 224.52 (14.73) (23.11) 135.65 125.98 93.42 (44.78) (39.86) (50.70) (47.77) (0.26) 0.15 - (1.57) (1.65) (15.19) 10.62 (114.59) (132.16) 613.41 811.28 (65.70) 136.75 (3.95) 0.82 (28.25) 8.02 29.75 17.09 545.26 973.96 (7.69) 10.08 537.57 984.04 (363.25) (127.43) 149.05 0.53 (870.60) (850.81) 1001.96 659.26 - (0.10) - (581.63) 364.93 188.78 33.65 32.38 315.74 (679.02) 162.38 - (345.17) (67.87) (132.27) (39.68) (136.92) - 43.50 44.78 (131.75) (131.47) (0.91) - (541.14) (194.24) 312.17 110.78 1466.39 1200.92 19.90 (22.63) 1798.46 1289.07 Half-year ended September 30,

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The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows".

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THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018.

NOTES TO STANDALONE FINANCIAL RESULTS :

1. STATEMENT OF ASSETS & LIABILITIES :

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(Rs. in crores)
As at 30.09.2021 As at 31.03.2021
(UNAUDITED) (AUDITED)
ASSETS :
I. Non-current assets :
(a) Property, plant and equipment 5471.35 5363.60
(b) Capital work-in-progress 22.40 24.01
(c) Other intangible assets 0.21 0.33
(d) Intangible assets under development 0.49 0.12
(e) Right-of-use assets 4.29 5.20
(f) Financial assets
(i) Investments 1675.44 1687.08
(ii) Other financial assets 6.31 10.79
(g) Current tax assets (net) 70.04 69.98
(h) Other non-current assets 4.39 45.21
7254.92 7206.32
II. Current assets :
(a) Inventories 125.51 121.56
(b) Financial assets
(i) Investments 1198.08 1289.62
(ii) Trade receivables 198.26 175.88
(iii) Cash and cash equivalents 1798.46 1466.39
(iv) Bank balances other than (iii) above 10.33 382.49
(v) Other financial assets 182.83 151.92
(c) Other current assets 76.58 50.87
3590.05 3638.73
TOTAL ASSETS 10844.97 10845.05
EQUITY AND LIABILITIES :
I. Equity :
(a) Equity share capital 146.97 146.97
(b) Other equity 6208.62 5951.02
6355.59 6097.99
II. Non-Current liabilities :
(a) Financial liabilities
(i) Borrowings 3275.04 3241.03
(ii) Lease liabilities 3.91 4.61
(iii) Other financial liabilities 402.66 391.80
(b) Provisions 27.83 29.12
(c) Deferred tax liabilities (net) 21.76 23.58
3731.20 3690.14
III. Current liabilities :
(a) Financial liabilities
(i) Borrowings 275.44 474.22
(ii) Trade payables
(a) total outstanding dues of 5.94 4.28
micro enterprises and small
enterprises
(b) total outstanding dues of 226.59 216.52
creditors other than micro
enterprises and small
enterprises
(iii) Lease liabilities 1.46 1.46
(iv) Other financial liabilities 181.49 294.85
(b) Other current liabilities 22.45 28.23
(c) Provisions 13.39 12.81
(d) Current tax liabilities (net) 31.42 24.55
758.18 1056.92
TOTAL EQUITY AND LIABILITIES 10844.97 10845.05
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1. The operations of the Company have continued albeit with certain challenges due to restrictions/lockdowns following COVID-19 outbreak. The challenges mainly include travel restrictions on Indian seafarers and inefficient routing of vessels for crew changes, leading to additional costs. The Company has considered the possible effects that may result from the COVID-19 pandemic in preparation of these financial results, including recoverability of assets, and expects their carrying amounts to be recoverable. The impact of COVID-19 may be different from that estimated as at the date of approval of these financial results.

2. The Company is engaged only in shipping business segment and there are no separate reportable segments as per Ind AS 108, 'Operating Segments'.

3. The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

4. The Board of Directors has declared an interim dividend aggregating to Rs. 4.50 per equity share of Rs.10/- each. The outgo on this account will be Rs. 66.13 crores.

5. During the quarter under review, the Company contracted to sell and delivered its 2003 built Aframax Crude Carrier “Jag Lata”.

6. The foreign exchange (gain)/loss of the Company for the respective periods is recognised as under:

PARTICULARS	Quarter Ended	Quarter Ended	Quarter Ended	Half Year Ended	Half Year Ended	Year Ended
	30.09.2021	30.06.2021	30.09.2020 **	30.09.2021	30.09.2020 **	31.03.2021
A. Finance Cost *	0.67	15.17	(18.59)	15.84	(20.46)	(24.99)
B.(Gain)/Loss on foreign currencytransactions	0.02	(30.15)	38.10	(30.13)	43.85	55.06

• As per para 6(e) and in the manner of arriving at the adjustment given in para 6A of Ind AS 23, the exchange difference arising from foreign currency borrowings used to acquire capital assets is adjusted to the Finance Cost.

** restated by transferring exchange gain not exceeding exchange loss recognised as adjustment to borrowing cost in earlier periods.

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 29, 2021. The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter and half year ended September 30, 2021.

2. The results for the quarter ended September 30, 2021, are available on the Bombay Stock Exchange website (URL:www.bseindia.com/corporates), the National Stock Exchange website (URL:www.nseindia.com/corporates) and on the Company website (URL: www.greatship.com/ financial_result.html

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• 10.Additional disclosures as per Clause 52(4) and Clause 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

• (a) As per the terms of issue of 6,000 Secured Redeemable Non-convertible Debentures of Rs. 10 lakhs each, the Company has created and maintained exclusive charge on ships (over 1.20 times cover on market value of ships) and additional security by way of mortgage on immovable property.

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(b)	Sr No.	Particulars	Quarter Ended 30.09.2021	Quarter Ended 30.06.2021	Quarter Ended 30.09.2020	Half Year Ended 30.09.2021	Half Year Ended 30.09.2020	Year Ended 31.03.2021
	(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s)	Debt Equity Ratio (in times) [(Non-Current Borrowings + Current Borrowings)/Total Equity] Net Debt Equity Ratio (in times) [(Non-Current Borrowings + Current Borrowings - Cash & Cash Equivalents)/Total Equity] Debt Service Coverage Ratio (in times) [Earnings before Interest, Depreciation, Impairment, Tax/Interest expense plus Principal Repayments (net of refinancing) made during the period] Interest Service Coverage Ratio (in times) [Earnings before Interest, Depreciation, Impairment, Tax/Interest expense] Securities Premium (Rs. in crores) Capital Redemption Reserve (Rs. in crores) Debenture Redemption Reserve :Pursuant to the provisions of Rule 18 (7) of the Companies (Share Capital and Debentures) Rules, 2014 (as amended) Debenture Redemption Reserve (DRR) is not required for the debentures issued by the Company subject to compliance with certain conditions. The Company has complied with the conditions and accordingly, DRR is not created. Other Equity (Rs. in crores) Net Worth (Rs. in crores) Outstanding Debt (Rs in crores) [Non-Current Borrowings + Current Borrowings] Current Ratio (in times) [Current Assets/Current Liabilities] Long Term Debt to Working Capital (in times) [(Non-Current Borrowings + Current Maturities of Non-Current Borrowings)/(Current Assets - Current Liabilities excluding Current Maturities of Non-Current Borrowings)] Bad Debts to Accounts Receivable Ratio (%) [Bad Debts/ Average gross Trade Receivables excluding Unbilled Receivable and Contract Asset] Current Liability Ratio (in times) [Current Liabilities /Total liabilities] Total Debts to Total Assets Ratio (in times) [(Non - Current Borrowings + Current Borrowings)/Total Assets] Debtors Turnover (in days) [Average Trade Receivable for the period/Revenue from Operations (excluding other operating revenue for the period) * No of days in period ] Inventory Turnover (in days) [Average inventory/Fuel, Oil and Water cost for the period * No of days in period ] Operating Margin (%) [Profit/(Loss) before Depreciation and amortisation expenses, Interest, Tax, less Other Income/Revenue from Operations] Net Profit/(Loss) Margin (%) [Profit/(Loss) after tax/Total Income]	0.56 0.09 3.08 7.50 - 243.89 - 6208.62 6355.59 3550.48 4.74 1.14 - 0.17 0.33 23 103 54.81 34.67	0.59 0.12 0.88 3.94 - 243.89 - 6062.64 6209.61 3640.39 4.34 1.26 0.11 0.17 0.34 24 110 38.26 14.61	0.61 0.09 4.72 8.49 - 243.89 - 5553.11 5700.08 3501.06 2.76 1.26 - 0.27 0.33 36 163 59.20 34.75	0.56 0.09 1.57 5.56 - 243.89 - 6208.62 6355.59 3550.48 4.74 1.14 0.10 0.17 0.33 26 98 47.12 25.39	0.61 0.09 5.96 9.79 - 243.89 - 5553.11 5700.08 3501.06 2.76 1.26 - 0.27 0.33 33 140 63.73 43.15	0.61 0.10 3.43 7.62 - 243.89 - 5951.02 6097.99 3715.25 3.44 1.22 0.10 0.22 0.34 36 131 56.58 35.61

For The Great Eastern Shipping Co. Ltd.

KANAIYALAL Digitally signed by KANAIYALAL MANEKLAL MANEKLAL SHETH SHETH Date: 2021.10.29 15:42:25 +05'30'

( K. M. Sheth ) Chairman

Place: Mumbai Date: 29.10.2021

Chartered Accountants One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India

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Phone: +91 22 6185 4000 Fax: +91 22 6185 4101

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF THE GREAT EASTERN SHIPPING COMPANY LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of The Great Eastern Shipping Company Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”) for the quarter and six months ended 30 September, 2021 (“the Statement”) being submitted by the Parent pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Parent’s Management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” , issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent’s personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the following entities:

2. i. Greatship (India) Limited

3. ii. Greatship Global Energy Services Pte. Ltd.

4. iii. Greatship Global Offshore Services Pte. Ltd.

5. iv. Greatship (UK) Limited

6. v. Greatship Oilfield Services Limited

7. vi. The Greatship (Singapore) Pte. Ltd

8. vii. Great Eastern Charterring L.L.C. (FZC)

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• viii. The Great Eastern Chartering (Singapore) Pte. Ltd.

• ix. Great Eastern CSR Foundation

• x. Great Eastern Services Limited

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1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down

Regd. Office: One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

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in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

1. We did not review the interim financial results | financial information of 6 subsidiaries included in the consolidated unaudited financial results, whose interim financial results | information reflects total assets of Rs. 884.10 crores as at September 30, 2021, total revenue of Rs. 30.18 crores and Rs. 58.91 crores for quarter and six months ended September 30, 2021, respectively, total loss after tax of Rs. 6.30 crores and Rs. 24.98 crores for quarter and six months ended September 30, 2021, respectively, and total comprehensive loss of Rs. 6.30 crores and Rs. 24.98 crores for quarter and six months ended September 30, 2021, respectively, net cash outflows of Rs. 6.74 crores for six months ended September 30, 2021, as considered in the consolidated financial results included in the Statement. These interim financial results | financial information have been reviewed by other auditors whose reports have been furnished to us by the Management/ such other auditors and our conclusion on unaudited consolidated financial results in the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Certain of these subsidiaries are located outside India whose interim financial results | financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries and which have been reviewed by the other auditors under generally accepted review standards applicable in such countries. The Company‘s Management has converted the interim financial results | financial information of such subsidiaries from accounting principles generally accepted in their countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Company‘s Management. Our conclusion on the consolidated financial results in the Statement, in so far as it relates to the amounts and disclosures of such subsidiaries located outside India, is based solely on the reports of the other auditors, and the conversion adjustments prepared by the Management of the Company and reviewed by us, and the procedures performed by us as stated in paragraph 3 above.

Our report on the consolidated financial results included in the Statement is not modified in respect of these matters.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm’s Registration No. 117366W/W-100018)

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Samir R. Shah Partner (Membership No. 101708)

Place: Mumbai Date: October 29, 2021

THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

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(Rs. in crores)
Particulars Quarter Ended Half Year Ended Year Ended
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (AUDITED)
1. Revenue from operations 885.01 769.18 774.99 1654.19 1843.36 3336.55
2. Other income
(a) Profit on sale of ships and other assets (net) 35.52 12.34 0.13 47.86 0.26 85.84
(b) Other income 32.26 34.86 25.07 67.12 75.99 145.98
67.78 47.20 25.20 114.98 76.25 231.82
3. Total income [ 1 + 2 ] 952.79 816.38 800.19 1769.17 1919.61 3568.37
4. Expenses
(a) Fuel oil and water 127.78 115.98 71.94 243.76 173.99 361.82
(b) Port, light and canal dues 44.66 45.68 35.18 90.34 71.54 163.34
(c) Consumption of spares and stores 57.76 52.72 61.96 110.48 115.46 243.90
(d) Employee benefits expense 175.69 182.37 170.42 358.06 345.77 698.96
(e) Net (gain)/loss due to change in fair value/ settlement of derivative contracts (net) (35.30) 49.21 (109.48) 13.91 (177.50) (313.31)
(f) Foreign exchange (gain)/loss, (net) (12.46) (25.57) 50.45 (38.03) 57.95 73.18
(g) Finance costs 84.76 98.47 25.64 183.23 101.43 242.14
(h) Depreciation and amortisation expense 184.13 179.43 174.37 363.56 355.28 700.43
(i) Impairment on certain assets 7.74 - - 7.74 - 46.11
(j) Other expenses 94.10 113.07 84.93 207.17 164.75 409.12
Total expenses 728.86 811.36 565.41 1540.22 1208.67 2625.69
5. Profit before tax [ 3 - 4 ] 223.93 5.02 234.78 228.95 710.94 942.68
6. Tax expense -
- Current tax 5.55 9.05 9.02 14.60 14.22 24.39
- Deferred tax (net) (4.68) (16.39) 0.32 (21.07) 3.54 (0.23)
0.87 (7.34) 9.34 (6.47) 17.76 24.16
7. Profit for the period [ 5 - 6 ] 223.06 12.36 225.44 235.42 693.18 918.52
8. Other comprehensive income/(loss)
(a) Items that will not be reclassified to Profit or Loss 6.68 (2.98) (8.52) 3.70 (3.30) (12.74)
(b) Income tax relating to items that will not be reclassified to Profit or Loss 0.02 0.12 (0.24) 0.14 (0.85) (1.05)
(c) Items that will be reclassified to Profit or Loss (0.41) 29.37 (18.36) 28.96 (17.93) 49.71
(d) Income tax relating to items that will be reclassified to Profit or Loss (1.02) (0.87) (1.87) (1.89) (1.84) (6.12)
5.27 25.64 (28.99) 30.91 (23.92) 29.80
9. Total comprehensive income for the period [ 7 + 8 ] 228.33 38.00 196.45 266.33 669.26 948.32
10. Profit for the period attributable to:
-Owners of the Company 223.06 12.36 225.44 235.42 693.18 918.52
-Non-controlling interest - - - - - -
11. Other comprehensive income for the period attributable to:
-Owners of the Company 5.27 25.64 (28.99) 30.91 (23.92) 29.80
-Non-controlling interest - - - - - -
12. Total comprehensive income for the period attributable to:
-Owners of the Company 228.33 38.00 196.45 266.33 669.26 948.32
-Non-controlling interest - - - - - -
13. Paid-up equity share capital (Face Value Rs.10/- per share) 146.97 146.97 146.97 146.97 146.97 146.97
14. Other equity 7557.30
15. [Earnings per share (of Rs.10 each) (not annualised for the period)]
(in Rupees)
(a) Basic 15.18 0.84 15.34 16.02 47.16 62.50
(b) Diluted 15.15 0.84 15.31 15.99 47.08 62.38
See accompanying notes to the financial results
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THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House, 134-A, Dr. Annie Besant Road, Mumbai 400018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472

REPORTING OF CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES

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(Rs. in crores)
Quarter Ended Half Year Ended Year Ended
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (AUDITED)
a) Segment Revenue :
Shipping 793.00 679.05 627.25 1472.05 1585.25 2917.42
Offshore 166.49 144.32 179.98 310.81 347.87 678.84
Sub-total 959.49 823.37 807.23 1782.86 1933.12 3596.26
Less : Inter Segment Revenue 6.70 6.99 7.04 13.69 13.51 27.89
Total 952.79 816.38 800.19 1769.17 1919.61 3568.37
b) Segment Results :
Shipping 256.21 67.87 212.27 324.08 669.32 1022.17
Offshore (33.15) (55.51) 13.17 (88.66) 23.86 (103.65)
Total 223.06 12.36 225.44 235.42 693.18 918.52
c) Segment Assets :
Shipping 9374.85 9249.63 8993.08 9374.85 8993.08 9371.77
Offshore 4572.12 4681.39 5096.02 4572.12 5096.02 4773.84
Total Assets 13946.97 13931.02 14089.10 13946.97 14089.10 14145.61
d) Segment Liabilities :
Shipping 4514.01 4517.66 4771.08 4514.01 4771.08 4749.12
Offshore 1594.63 1671.09 1892.81 1594.63 1892.81 1692.22
Total Liabilities 6108.64 6188.75 6663.89 6108.64 6663.89 6441.34
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THE GREAT EASTERN SHIPPING COMPANY LIMITED

STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2021

A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments For : Depreciation and amortisation expense Impairment expense Interest income Finance cost (Gain)/Loss on settlement of derivative contracts Net gain on investments Net gain on disposal of property, plant and equipment Bad debts and advances written off Allowance for doubtful debts and advances (net) Exchange differences on translation of assets and liabilities Changes in fair value on derivative transactions/other financial assets Operating profit before working capital changes Adjustments For : (Increase)/Decrease in trade and other receivables (Increase)/Decrease in inventories Increase/(Decrease) in trade payables Increase/(Decrease) in other liabilities Cash generated from operations Direct taxes paid Net cash (used in)/generated from operating activities B. CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Purchase of current investments Proceeds from disposal/redemption of current investments Withdrawal of deposits with banks Placement of deposits with banks Interest received Net cash (used in)/generated from investing activities C. CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings Repayments of borrowings Dividend paid Loss on principal settlement of derivative contracts Gain on interest settlement of derivative contracts Interest paid Repayment of lease liability Net cash (used in)/generated from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Exchange difference on translation of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period

(Rs. in crores) 2021 2020 228.95 710.94 363.56 355.28 7.74 - (4.69) (18.88) 183.23 160.92 93.42 (44.78) (5.60) (56.06) (46.44) (0.26) 0.15 - (3.04) (11.21) (33.32) (20.30) (115.70) (132.47) 668.26 943.18 (32.49) 122.32 (1.55) (12.06) (28.00) 17.04 6.45 (9.05) 612.67 1061.43 (13.23) 4.62 599.44 1066.05 (403.23) (153.33) 149.48 0.53 (931.49) (879.72) 1008.26 739.35 669.68 363.75 (198.29) (726.60) 19.37 19.22 313.78 (636.80) 162.38 - (418.90) (197.01) (132.27) (39.68) (136.92) - 43.50 44.78 (156.45) (162.71) (4.54) (3.77) (643.20) (358.39) 270.02 70.86 1761.47 1614.22 34.41 (11.26) 2065.90 1673.82 Half-year ended September 30,

The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows".

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THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018.

NOTES TO CONSOLIDATED FINANCIAL RESULTS :

1. STATEMENT OF ASSETS & LIABILITIES :

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(Rs. in crores)
As at 30.09.2021 As at 31.03.2021
(UNAUDITED) (AUDITED)
ASSETS :
I. Non-current assets :
(a) Property, plant and equipment 9021.88 9007.06
(b) Capital work-in-progress 22.79 24.34
(c) Other intangible assets 0.25 0.38
(d) Intangible assets under development 0.49 0.12
(e) Right-of-use assets 30.52 34.52
(f) Financial assets
(i) Investments 0.66 0.65
(ii) Other financial assets 14.23 16.72
(g) Current tax assets (net) 135.08 129.71
(h) Other non-current assets 38.85 79.53
9264.75 9293.03
II. Current assets :
(a) Inventories 210.22 208.65
(b) Financial assets
(i) Investments 1302.65 1349.49
(ii) Trade receivables 274.38 294.86
(iii) Cash and cash equivalents 2065.90 1761.47
(iv) Bank balances other than (iii) above 544.58 987.63
(v) Other financial assets 189.83 188.44
(c) Other current assets 94.66 62.04
4682.22 4852.58
TOTAL ASSETS 13946.97 14145.61
EQUITY AND LIABILITIES :
I. Equity :
(a) Equity share capital 146.97 146.97
(b) Other equity 7691.36 7557.30
7838.33 7704.27
II. Non-Current liabilities :
(a) Financial liabilities
(i) Borrowings 4360.43 4394.34
(ii) Lease liabilities 26.29 29.70
(iii) Other financial liabilities 412.48 405.44
(b) Provisions 42.16 41.88
(c) Deferred tax liabilities (net) 163.85 183.17
(d) Other non-current liabilities 16.86 18.03
5022.07 5072.56
III. Current liabilities :
(a) Financial liabilities
(i) Borrowings 433.42 616.36
(ii) Trade payables
(a) total outstanding dues of 16.50 10.22
micro enterprises and small
enterprises
(b) total outstanding dues of 311.16 304.27
creditors other than micro
enterprises and small
enterprises
(iii) Lease liabilities 6.88 6.67
(iv) Other financial liabilities 232.32 347.11
(b) Other current liabilities 27.31 32.81
(c) Provisions 15.37 14.47
(d) Current tax liabilities (net) 43.61 36.87
1086.57 1368.78
TOTAL EQUITY AND LIABILITIES 13946.97 14145.61
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1. The shipping and offshore operations of the Group have continued albeit with certain challenges due to restrictions/lockdowns following COVID-19 outbreak. The challenges mainly include travel restrictions on Indian seafarers and inefficient routing of vessels for crew changes, leading to additional costs. The Company has considered the possible effects that may result from the COVID-19 pandemic in preparation of these financial results, including recoverability of assets, and expects their carrying amounts to be recoverable. The impact of COVID-19 may be different from that estimated as at the date of approval of these financial results.

2. The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

3. The Board of Directors has declared an interim dividend aggregating to Rs. 4.50 per equity share of Rs.10/- each. The outgo on this account will be Rs. 66.13 crores.

4. During the quarter under review, the Company contracted to sell and delivered its 2003 built Aframax Crude Carrier “Jag Lata”.

5. The foreign exchange (gain)/loss of the Company for the respective periods is recognised as under:

PARTICULARS	Quarter Ended	Quarter Ended	Quarter Ended	Half Year Ended	Half Year Ended	Year Ended
	30.09.2021	30.06.2021	30.09.2020 **	30.09.2021	30.09.2020 **	31.03.2021
A. Finance Cost *	10.17	25.20	(54.14)	35.37	(59.49)	(78.11)
B.(Gain)/Loss on foreign currencytransactions	(12.46)	(25.57)	50.45	(38.03)	57.95	73.18

• As per para 6(e) and in the manner of arriving at the adjustment given in para 6A of Ind AS 23, the exchange difference arising from foreign currency borrowings used to acquire capital assets is adjusted to the Finance Cost.

** restated by transferring exchange gain not exceeding exchange loss recognised as adjustment to borrowing cost in earlier periods.

1. During previous quarter and year ended March 31, 2021, a vessel viz. Greatship Rohini, of a subsidiary, suffered major damage due to fire on board the Vessel. Consequently, in the previous quarter and the year, the Group derecognised carrying amounts of damaged components of the vessel of Rs. 20.80 crore (included in Other Expense) and recognised impairment of Rs. 17.79 crores, based on evaluation and estimates of the management. The Company has notified the incident to the Hull & Machinery insurers as an insurance claim under the Hull & Machinery Policy of the Vessel and the claim is pending. Consequently, the insurance claim receivable is not recorded in the books of account.

2. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 29, 2021. The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter and half year ended September 30, 2021.

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1. The results for the quarter ended September 30, 2021, are available on the Bombay Stock Exchange website (URL:www.bseindia.com/corporates), the National Stock Exchange website (URL:www.nseindia.com/corporates) and on the Company website (URL: www.greatship.com/ financial_result.html

2. Additional disclosures as per Clause 52(4) and Clause 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

3. (a) As per the terms of issue of 6,000 Secured Redeemable Non-convertible Debentures of Rs. 10 lakhs each, the Company has created and maintained exclusive charge on ships (over 1.20 times cover on market value of ships) and additional security by way of mortgage on immovable property.

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(b)
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Sr No.	Particulars	Quarter Ended 30.09.2021	Quarter Ended 30.06.2021	Quarter Ended 30.09.2020	Half Year Ended 30.09.2021	Half Year Ended 30.09.2020	Year Ended 31.03.2021
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s)	Debt Equity Ratio (in times) [(Non-Current Borrowings + Current Borrowings)/Total Equity] Net Debt Equity Ratio (in times) [(Non-Current Borrowings + Current Borrowings - Cash & Cash Equivalents)/Total Equity] Debt Service Coverage Ratio (in times) [Earnings before Interest, Depreciation, Impairment, Tax/Interest expense plus Principal Repayments (net of refinancing) made during the period] Interest Service Coverage Ratio (in times) [Earnings before Interest, Depreciation, Impairment, Tax/Interest expense] Securities Premium (Rs. in crores) Capital Redemption Reserve (Rs. in crores) Debenture Redemption Reserve :Pursuant to the provisions of Rule 18 (7) of the Companies (Share Capital and Debentures) Rules, 2014 (as amended) Debenture Redemption Reserve (DRR) is not required for the debentures issued by the Company subject to compliance with certain conditions. The Company has complied with the conditions and accordingly, DRR is not created. Other Equity (Rs. in crores) Net Worth (Rs. in crores) Outstanding Debt (Rs in crores) [Non-Current Borrowings + Current Borrowings] Current Ratio (in times) [Current Assets/Current Liabilities] Long Term Debt to Working Capital (in times) [(Non-Current Borrowings + Current Maturities of Non-Current Borrowings)/(Current Assets - Current Liabilities excluding Current Maturities of Non-Current Borrowings)] Bad Debts to Accounts Receivable Ratio (%) [Bad Debts/ Average gross Trade Receivables excluding Unbilled Receivable and Contract Asset] Current Liability Ratio (in times) [Current Liabilities /Total liabilities] Total Debts to Total Assets Ratio (in times) [(Non - Current Borrowings + Current Borrowings)/Total Assets] Debtors Turnover (in days) [Average Trade Receivable for the period/Revenue from Operations (excluding other operating revenue for the period) * No of days in period ] Inventory Turnover (in days) [Average inventory/Fuel, Oil and Water cost and Consumption of Stores & Spares of subsidiary for the period * No of days in period ] Operating Margin (%) [Profit/(Loss) before Depreciation and amortisation expenses, Interest, Tax, less Other Income/Revenue from Operations] Net Profit/(Loss) Margin (%) [Profit/(Loss) after tax/Total Income]	0.61 0.12 2.38 5.91 74.76 243.89 - 7691.36 7838.33 4793.85 4.31 1.19 - 0.18 0.34 29 134 48.90 23.41	0.64 0.15 0.72 2.87 74.76 243.89 - 7595.30 7742.27 4921.91 4.13 1.28 0.07 0.18 0.35 34 146 30.65 1.51	0.68 0.12 3.02 16.96 74.76 243.89 - 7278.24 7425.21 5014.96 3.04 1.27 - 0.24 0.36 41 211 52.85 28.17	0.61 0.12 1.30 4.28 74.76 243.89 - 7691.36 7838.33 4793.85 4.31 1.19 0.07 0.18 0.34 32 135 40.41 13.31	0.68 0.12 3.91 11.51 74.76 243.89 - 7278.24 7425.21 5014.96 3.04 1.27 - 0.24 0.36 40 193 59.21 36.11	0.65 0.12 2.26 7.98 74.76 243.89 - 7557.31 7704.28 5010.70 3.55 1.22 0.07 0.21 0.35 43 176 50.94 25.74

For The Great Eastern Shipping Co. Ltd.

KANAIYALAL Digitally signed by KANAIYALAL MANEKLAL MANEKLAL SHETH SHETH Date: 2021.10.29 15:43:08 +05'30'

( K. M. Sheth )

Chairman

Place: Mumbai Date: 29.10.2021