{"id":176628,"date":"2026-01-22T14:23:24","date_gmt":"2026-01-22T19:23:24","guid":{"rendered":"https:\/\/alphastreet.com\/india\/seamec-ltd-seamecltd-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T14:23:24","modified_gmt":"2026-01-22T19:23:24","slug":"seamec-ltd-seamecltd-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/seamec-ltd-seamecltd-q3-2025-earnings-call-transcript\/","title":{"rendered":"Seamec Ltd (SEAMECLTD) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Seamec Ltd (NSE: SEAMECLTD) Q3 2025 Earnings Call dated Feb. 12, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Naveen Mohta<\/strong> \u2014 Whole Time Director<\/em><\/p>\n

Vinay Kumar Agarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Sunil Gupta<\/strong> \u2014 Vice President, Strategy & Investor Relations<\/em><\/p>\n

Analysts:<\/h2>\n

Balasubramanian A<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Sen<\/strong> \u2014 Analyst<\/em><\/p>\n

Nakul Joshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Anirudh<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohan Baranwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankita Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Sahil Vora<\/strong> \u2014 Analyst<\/em><\/p>\n

Hitanshi Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Abu Rafi<\/strong> \u2014 Analyst<\/em><\/p>\n

Harsh Thanvi<\/strong> \u2014 Analyst<\/em><\/p>\n

Udit Sehgal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q3 nine months FY ’25 Earnings Conference Call of CMAC Limited hosted by Arihant Capital Markets Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr from Arihant Capital Markets. Thank you, and over to you, sir.<\/p>\n

Balasubramanian A<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Thank you,, and good evening, everyone. On behalf of Capital, I welcome you to the earnings call of Limited for Q3 FY ’25. From the management side, we have Mr Navin Mupta, the Director; Mr Kumar Agarwal, CFO; and Mr Sunil Gupta, Vice-President, Strategy and Investor Relations. We welcome the management of on this call. Now I invite Mr Navin Mupta, the Whole-Time Director to give his opening remarks, following which we will open the floor for Q&A. Over to you, Mr Navin Mupta.<\/p>\n

Naveen Mohta<\/strong> \u2014 Whole Time Director<\/em><\/p>\n

Thank you. Good evening, everyone, and welcome to CMEX quarter three financial year ’25 earnings call. Thank you for joining us today. I am Navin Mota and I’m here with Mr, our CFO; and Mr Sunil Gupta, Vice-President, Strategy and Investor Relations. As we review the offshore services landscape for the quarter three, the demand for offshore oil and gas services remains substantial, especially in India. Despite some challenges in this quarter, India continued to see considerable growth in its energy sector. As the country advances towards becoming a dollar for economy. Energy demand is expected to rise significantly. India’s reliance on fossil fuels, particularly natural gas, it remains high and it provides opportunities for offshore operators like. Additionally, the projection. Additionally, the projected 22% growth in India’s refinery capacity over the next few years further strengthened the long-term outlook for the offshore sector. In this context, we continue to see substantial opportunities ahead, particularly following India’s recent launch of its largest oil and gas. The government is now offering 25 offshore blocks spending 1.91 lakh square kilometers, a moved which is aimed at boosting domestic production and improving energy security. This initiative is expected to generate considerable interest and opportunities for offshore service providers like. Despite these positive changes, we experienced some delays in contracts orders during quarter three, which has impacted our performance. While the delays in project commencement were a challenge, we remain confident that these contract will be executed in the upcoming quarters, helping to drive growth in future. A key highlight this quarter is the successful commencement of the new charter for our vessel,. The vessel began a 50-day charter with Mermaid subsea services in Saudi Arabia with a firm order book-value of US 3.46 million. This contract not only reinforces our position in the Middle-East, but also reflects the increasing demand for the offshore services in the region. We are also pleased to report that CMEC Diamond after completing necessary repays successfully resumed operations with ONGC on November 22, 2024. This marks the vessels return to service, which strengthens our ongoing partnership with ONGC and ensures continued contribution to their offshore projects. Additionally, we have secured a new contract for and in agreement with the Asian Energy Services Limited for offshore work on the East Coast of India. This project already underway as we speak involves diving for SPSO installation and field startup activities. With a total value of USD2.47 million, this contract reflects ability to secure high-value opportunities in the rapidly-growing Indian offshore market. While the quarter’s result have been impacted by delays, these governments are a testament to CMEX’s ability to navigate the challenges and secure valuable contracts, both domestically and internationally. We firmly believe that the worst is behind us and from here onward, we shall be on a growth trajectory. We remain committed to leveraging our advanced fleet and specialized capability to meet the growing needs of our clients in the offshore oil and gas sector. I will now hand over the floor to Mr Vinya Agarwal, our CFO, who will provide detailed overview of our financial performance for the 3rd-quarter. Over to you, Vinaji.<\/p>\n

Vinay Kumar Agarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you, Nabinji. And good evening, everyone. I warmly welcome everyone participating in today’s Q3 and nine months FY ’25 earnings call. Allow me to walk you through the consolidated financial performance for the 3rd-quarter and nine months FY ’25. Our top-line for the quarter stood at INR139 crores compared to INR219 crores in Q3 FY ’24, reflecting a 36% decline year-on-year. At the standalone level, revenue declined by 35%. EBITDA for the quarter decreased by 54% from INR96 crores in Q3 FY ’24 to INR3434 crores in Q3 FY ’25. On a standalone basis, EBITDA decreased by 61% on a year-on-year basis from INR94 crores in Q3 FY ’24 to INR36 crores in Q3 FY ’25. Profit-after-tax on consolidated basis resulted in a loss of INR3 crores against a profit of INR56.4 crores for the same quarter in the previous year. At the standalone level, profit-after-tax decreased from INR63 crores in Q3 FY ’24 to INR2 crores in Q3 FY ’25. The ROCE stood at 9% and ROE at 10% on a consolidated basis. During the quarter, company has performed below expectations because of lower deployment of 3 and and unexpected breakdown in 2. However, we have secured a two-year concept for and seeking Board approval for transfer of Anant from the parent entity, Offshore Limited at 70 million. It’s a 2023 constructed vessel with a remaining usual life of 23 years. The acquisition is expected to be completed by Q2 FY ’26. With this, as a company, we believe to be back on-track in the coming years. Thank you. I will — I will now hand it back to the moderator to capulate the question-and-answer session. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press R&2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles the first question is from the line of Aditya Sain from RoboCapital. Please go-ahead.<\/p>\n

Aditya Sen<\/strong><\/p>\n

Thank you for the opportunity. Sir, can you please share the charter rate at which CMAX were deployed?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Welcome. Good evening guys, sir. See the charter rate for the CMAX 4Fish has been already shared on the stock exchanges for both the contracts for the new contract for the two-year terms, which we have been signed and for the other contracts with the mermaid. So both the — both the contract and the contract value always already in the public domain.<\/p>\n

Aditya Sen<\/strong><\/p>\n

What would be the rate if we deduce from that document for the only of our investors, what would be the $76,000?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yeah, it is — it is upward of $76 it is $78,000 actually<\/p>\n

Aditya Sen<\/strong><\/p>\n

$78,000.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

$78,000 per day for two years.<\/p>\n

Aditya Sen<\/strong><\/p>\n

So do we have an update on this entity, and, these are the upcoming vessels as per the Q1 results, right?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yeah. So as has been already intimated to stock exchanges, regarding the NPP Nusankara, that agreement has been signed with — for buying the vessel. So the tentative delivery — that delivery is going to be taken sometime around July, August. So I think we are also hopeful of completing the process of acquisition sometime in Q2.<\/p>\n

Aditya Sen<\/strong><\/p>\n

And what about<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

There is a rethinking by the management, so there are some issue going on. So as of now, the management is rethinking on that pul and acquisition of Pul because there are issues going on with the seller. So right now, it is on pause.<\/p>\n

Aditya Sen<\/strong><\/p>\n

Okay. And thisantra would be of a similar make as of or any of the existing pressels that we have.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yeah. Is similar to the of the vessel already owned by a company. It is a diving support vessel and it will — it will be EPS accretive from the day-one because it will also come with the contract in-hand. So it is — it is going to add to the top-line as well as bottom-line from the day-one.<\/p>\n

Aditya Sen<\/strong><\/p>\n

Okay, so we have already have the contract. All right.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yeah, it already has a contact in-hand.<\/p>\n

Aditya Sen<\/strong><\/p>\n

All right. Those are my questions as of now. I’ll fall-back in the queue. Thank you.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Nakul Joshi from NJ Associates. Please go-ahead.<\/p>\n

Nakul Joshi<\/strong><\/p>\n

Thank you for the opportunity. So I just had a short question. If you could just elaborate on the specific reasons for the delays in the commencement of contracts during Q3 FY ’25? And like how confident are you that the delays will not affect any future performance. Thank you.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Okay. So as I told by Mr Vinay also that this result were impacted due to the delay in commencement of the charter for the vessel of. So right now, we have already announced that vessel is now contracted for two-year charter and presently also this is working. So there is no reason now that, okay, there will be any kind of delay or that turn of work will be impacted.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Also, if I may add, Sunil, Nakul, we had already advised this delay in our previous con-call of Q2 because that was evident and we had forewarned our investors about that. Secondly, see, whenever our vessel goes from one contract to other, there are possibilities of certain delays. So our job is to minimize such delays so that there is a minimal loss to the P&L. Right now, after this vessel, most of our vessels will be running on minimum two-year contract. And the only thing that can impact today is any unforeseen breakdown. Otherwise, we are confident that the company will run its P&L to the best of the availability.<\/p>\n

Nakul Joshi<\/strong><\/p>\n

Absolutely. Thank you for the detailed answer. Just a small follow-up, like any measures which we have taken to mitigate such delays in the future?<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Because these are business things when we start discussions with our channel partners, there are delays on their side from deployment. So it’s not that we were not working actively on this. We had been pushing this for past six months. Knowing that this time can come, we had in fact — and we thought that the vessel will go in Q2 only. Sorry, Q3 beginning only. But since the charter, the scope of work was delayed at end, so we had to delay this contract. And now there is a two-year contract. So we are hopeful that such delay will not come in at least in most of our vessels, only the — this glorious bars will be renewing its contract next year. Otherwise, most of our contracts are full for the coming year.<\/p>\n

Nakul Joshi<\/strong><\/p>\n

Okay. Thank you. That’s it from my side.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Thank you, Dakul. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Anirud from Capital. Please go-ahead.<\/p>\n

Anirudh<\/strong><\/p>\n

Thank you for taking my question. I have multiple questions. Can you talk little more about our Ananta deal and how it’s going to impact our financial when the deal is likely to be commenced? Second question, yeah, I’ll take — I have two more. So you can finish first. Thank you, sir.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

I think we can take one question at a time, so that will give you a better sense also.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yes. In case of Anand, we have the approval of our Boards, which we have received and this is being transferred from our company Hell offshore at a consideration of 70 million new SEDs. And with the remaining mutual life of 23 years, this is SLH 2023 bid. And we are getting a — we are projected to get 17-odd percent of ROCE in years to come. So it’s a very good for us and this is likely to be completed by Q3 this year ’26. Q3, sorry, Q2 ’26.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

I would like to add something. See, today second vessel market is very tight and even a second vessel is available in the range of $50 million to $55 million, if I’m correct, Navin jeep. So this is a new brand vessel and we have considered the best market rate while transferring this asset. Secondly, the — as you would have seen, I don’t know whether it has gone in the public or not, even the promoter has agreed to take part equity against this consideration and still the final limit of is the shareholding.<\/p>\n

Anirudh<\/strong><\/p>\n

Okay. That’s a very good thing, sir.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

It will be funded through promote issuance of equity to the extent we can. There is good internal accruals and the balance will be funded through debt.<\/p>\n

Anirudh<\/strong><\/p>\n

Okay. Sir, I have few other questions. So I want to know is there any ship going for going for any timeline for the any large ship going for next year?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

See the new dry-docking is regular activity for shipping industry and since we have such a big fleet of vessels, so there will definitely one or two drydock always coming in the year. So definitely there are drydock in this year also and which has been planned and which has been factored into the working of the contract. We try to minimize the disruption so that if it is possible to do the work when vessel is idle, so and that will be done. And if it is not possible, then we will be taking the vessel for drydocking. So there are two drydocks which will be falling due during this year.<\/p>\n

Anirudh<\/strong><\/p>\n

Any of the key vessel going for drydock this year<\/p>\n

Naveen Mohta<\/strong><\/p>\n

All the vessels are key vessel only<\/p>\n

Anirudh<\/strong><\/p>\n

In the last size and see impact revenue in a bigger way.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So the and 2 will be likely going for the.<\/p>\n

Anirudh<\/strong><\/p>\n

Okay, and what is happening at<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Another voice was not audible. Can you come again?<\/p>\n

Anirudh<\/strong><\/p>\n

What is happening at London sector? If you can talk about that investments which we are trying to.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So in case of. UK venture, we are in the process of setting up our global office in UK, which will take care of Europe and African market. But due to certain procedure delay, this profit is getting delayed and we are hopeful to start our operations in years to come.<\/p>\n

Anirudh<\/strong><\/p>\n

Okay. Any more assets which you are trying to acquire going-forward apart from Ananta. And how<\/p>\n

Naveen Mohta<\/strong><\/p>\n

See that is — that is a continuous process. Our balance sheet is quite healthy and we can afford to buy assets. So we continue to look for the suitable opportunities. So there may be some new acquisition during the year or new-build or contract will also be — might be possible. So as I told you during my address also told, we remain bullish for the upcoming period and we will continue to look for the suitable opportunities<\/p>\n

Anirudh<\/strong><\/p>\n

And anything else apart from what are the other own by parent company?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Can you please repeat?<\/p>\n

Anirudh<\/strong><\/p>\n

Thank you very much. What are the other assets owned by parent company, which is there any<\/p>\n

Naveen Mohta<\/strong><\/p>\n

No, no. Right now only CMEC Anand is being brought to fold only and this is again a — this shows our conviction and commitment of the promoter to consolidate all the operation at one entity so that we can focus and we can show the growth to the market.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Secondly, as you said, there are two old workboards which may retire next year. So there is no point acquiring those workboards. So there will be only the contracts which remain and when the contracts come up for renewal, we’ll prefer to bid them in directly like we did in.<\/p>\n

Anirudh<\/strong><\/p>\n

Okay. And last question, if you can talk about — when are you discussing — can you talk a little more about your international operations? We have got one contract right now. Do you want to — like what is the — we are running to expand?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yes. So see, this is a testimony that after a very long-time, we have won a two-year contract in foreign land, okay. We are definitely excited about it and we will keep exploring opportunities in the Southern Arabian market, Gulf. And if there is a profitable opportunity, then as Navin ji said, we are balance sheet is healthy enough to take care of that opportunity.<\/p>\n

Anirudh<\/strong><\/p>\n

And what is your discussion with the ONGC in terms with their capex for the Eastern Coast, any other further projects that they are looking out to expand any CapEx, they are doing it?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

And so we’ll see whenever the new scope of work comes, definitely will try to build for that scope and we’ll inform the market accordingly.<\/p>\n

Anirudh<\/strong><\/p>\n

Thank you very much, sir. Thank you for taking my questions.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rohan Baranwal from ASJ. Please go-ahead.<\/p>\n

Rohan Baranwal<\/strong><\/p>\n

Yeah, hello. Thank you for the opportunity to ask questions. I have few questions. So first question is, sir, what is the progress only in Santara and other consolidation, sir.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

We have just informed you that is expected to come in Q2 next year and HAL Offshore’s vessel, which is Hell is also expected next year, Q2.<\/p>\n

Rohan Baranwal<\/strong><\/p>\n

Okay. Thank you, sir. And sir, you’ve mentioned about the $70 million vessel from HL. Can you please share some light on the revenue potential?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

The revenue potential, Navi, Vinaji, you have the number?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yes. So this vessel will be deployed with ONGC through hell offshore again at a day rate of around 45 odd 1,000 per day. So let’s a good revenue potential and it will definitely give us IRR of around. So of around close to 14% and it will be in a period of around six years.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So we expect that around INR135 crore of revenue will be added on a full-year basis after the acquisition.<\/p>\n

Rohan Baranwal<\/strong><\/p>\n

Okay, sir. And sir, what is the capex and debt profile for the next two to three years<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So CapEx, as you already informed, there are two vessels. One is roughly INR600 crores and other is INR200 crores. So INR800 crore-plus some drydoff expenses will be done. Debt profile, I would say that we are very much under control. Our debt — peak debt should not go more than INR500 crores next year and that subsequent year will be repaid because we are confident to generate sufficient cash flows for FY ’26 and FY ’27.<\/p>\n

Rohan Baranwal<\/strong><\/p>\n

Thank you, sir. And sir, sorry if I missed it. So can you share the revenue potential from the of projects? Sir,<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Nusan Tara will should give us around INR135 crore revenue on a full-year basis.<\/p>\n

Rohan Baranwal<\/strong><\/p>\n

Okay, sir. And sir, one last more question is, we got a contract from Swart. I think the realization is around USD78,000 per day. So which is highest in like in the history of the company. So how we — how do we see the escalation on other vessels as well<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So definitely once the other vessel come for renewable — renewal, we are hopeful that they would also try to be in the similar range, but that all depends the market conditions and they come up for renewal.<\/p>\n

Rohan Baranwal<\/strong><\/p>\n

Thank you very much. And sorry, one last question is, there is around INR10 crore loss in the other income. So can you please explain the ForEx effect and the strategies in-place for risk mitigation.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Vinaji, please go-ahead.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

So in this case, this was exceptional movement of dollar and GUP there, which has created a MTM loss, which is not going to be impacted going-forward. This was only a book entry. In fact, what happened, we have a dollar loan in our books, term-loan in our book, in which case dollar moved from 8505 to 87.1. So there is interference of 2.05 INR2.05, which gave us an impact of INR4.5 crore — INR4.5 crores. And similar to that, we have whatever loan we have extended to our subsidiary in UK, in that case, GUP has moved against from 110.172.04.44. There is an adverse movement of INR5.73 per GUP. So that again give us a hit of INR9.4 odd crores in Q3. So that was the major vision of MTM of around INR13.5 odd crores, which give us a negative impact. But we are confident that this impact will be reversed in coming quarters. So there won’t be any real impact in our balance sheet.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Okay. Also, let me tell you that most — since all our contracts are dollar-denominated, so any appreciation there should typically benefit the company in the longer run? We can take very much, sir.<\/p>\n

Rohan Baranwal<\/strong><\/p>\n

Yeah, that’s all from my side. Thank you very much.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ankita Agarwal from MNV Advisor. Please go-ahead.<\/p>\n

Ankita Agarwal<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Yes, Ankita.<\/p>\n

Ankita Agarwal<\/strong><\/p>\n

So given the recent decline in revenue this quarter, what steps are being taken to improve fleet utilization and ensuring better performance in the coming quarters?<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Okay, just like we’ve mentioned in the previous question also, we are very vouchful of situations when contracts are coming up for renewal. But it is a demand and supply situation. And when the customer demands the vessel only, then we can place the vessel, okay. We had been trying to do this for three months with the same vendor and two other vendors. Finally, this vendor has agreed to take the vessel and such situation can come up in future also, but we want to assure people that we are very vigilant and we try to start discussions much ahead of the time. Okay. Now that all our vessels are more than two-year contracted except for our bars, we believe that there is a reasonable certainty for.<\/p>\n

Operator<\/strong><\/p>\n

Just to say call, to interrupt. The line was placed on-hold by Mr Sunil Gupta.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Sir, please go-ahead.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Yeah. Ankita, you can go-ahead. Ahead. I hope I am clear.<\/p>\n

Ankita Agarwal<\/strong><\/p>\n

And so, yes, sir. And what are the key drivers behind this volatility and also like how sustainable is the growth in Q4 FY ’25 or beyond that<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Ankita, the business is volatile. We have always been maintaining that we should not look CMAC as a quarter-on-quarter numbers. But yes, our endeavor is that on a year-on-year basis, we should definitely grow the business. And as Navin jee mentioned, we are quite confident that next three years there should be a sustainable growth journey that we can make visible for our investors.<\/p>\n

Ankita Agarwal<\/strong><\/p>\n

Thank you. Okay, sir. Well, that answered. Thank you so much for answering my question, sir.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sahil Vora from MNS Associates. Please go-ahead.<\/p>\n

Sahil Vora<\/strong><\/p>\n

Good evening, sir. I had a question just diamond resumed operations after repairs in Q3 FY ’25. How was the fleet’s overall utilization rate and performance compared to the same-period last year? And what specific impact did the downtime of diamond have on the overall financial performance?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So when we talk about diamond, diamond is the OSB, which gives us a minimal revenue in terms of — as compared to our other vessels which are MSV DSV category. So it has impacted us in terms of the number of days deployed. It has deployed less number of days as compared to actually diverse new acquisition for us. So it was first time in Q3 it was deployed as compared to last year, it was not available with us. And in this quarter, it has deployed for around 42 odd days. But around 50 days for which it could not be deployed, it has given us hardly any impact in terms of revenue generation. If the very minimal as compared to DSB, which we are running as a mainly business for us as<\/p>\n

Sunil Gupta<\/strong><\/p>\n

We now expect this to run on a regular basis.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Right. And this has impacted only in terms of repairment and cost. That’s it.<\/p>\n

Sahil Vora<\/strong><\/p>\n

Got it, sir. Thank you so much.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Hitanshi Agarwal from ABS Investment. Please go-ahead.<\/p>\n

Hitanshi Agarwal<\/strong><\/p>\n

Hi, thank you for the opportunity. Sir, I have a question regarding — you mentioned about the recent launch of India’s largest oil and gas bigground. So how do you see CMA positioning itself to capitalize on this opportunity from this new offshore blocks block<\/p>\n

Naveen Mohta<\/strong><\/p>\n

See the more country start giving this area for development, the more will be opportunities available for the operator like because the more where we start developing and looking for oil extraction, the more facilities will be made over there and then definitely there will be more scope for the. So it is definitely a growth potential at which for the company and it also is a confirmation that company will remain relevant and it will remain on growth path for the coming years also.<\/p>\n

Hitanshi Agarwal<\/strong><\/p>\n

Okay, okay. That’s great. Thank you so much, sir.<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Abu Rafil from an Individual Investor. Please go-ahead.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Good evening, everyone.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Good evening.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Am I audible, sir?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yes, you are audible.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Yes, sir. Sir, you have said in your previous call con-call that you are expected to be profitable on consolidated basis by the end of this quarter, right? So my question is, so how are you confident on that part? And if it is yes, then can we expect quarter-four to be a very strong quarter for you as seasonally quarter-four is your best quarter among all the quarters.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Abu, we are confident that next quarter is a much better quarter since all our vessels shall be deployed during that quarter. Okay. And next year also, we are quite hopeful that most of the vessels are running as per their contracts, barring just one vessel, which is our bars. So for next quarter and next year, we have good visibility.<\/p>\n

Abu Rafi<\/strong><\/p>\n

And what about the consolidated part that are confident<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

On consolidated? Let me tell you that last year, we had a INR43 crore loss in nine months in the overseas, which has reduced to INR10 crore in this year nine months. So our endeavor is that going-forward, this should go minimal and go profitable.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Okay, right. So my next question is, the two-year contract that you have got for swordfish, I assume it will be a four-year contract as it is deployed in Middle-East. And for the other two vessels that you are — that you aim to acquire, that is Nusantra and the Anand. The contracts that you’ll have for both those vessels, will it be full-year contracts or it will have the volatility of the<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Full-year contracts?<\/p>\n

Abu Rafi<\/strong><\/p>\n

All are full-year. So all the three vessels are to on a full-year contract, right?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yes, yes. So while swordfish should run full-year next year, however, Nusankara and Anant will be inducted in the fleet for the part of the year. So FY ’27 shall be full-year of them also and going-forward, yes, full-year.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Okay. Okay, okay, all right. And any update on the repair that you have provided last update on that it had a breakdown. So any further update on it, whether it is repaired or not yet?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Nothing<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So vessel has been partly repaid and it is back on the contract and we are right now vessel is working with the charter. So we have — we have taken some discussion with the charter for some reduction in the rate, but vessel is back on charter now.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Navin ji, when is the next charter of this 78,000 expected to start?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

INR78,000 is — it is likely to start between 15th of March to 31st of March.<\/p>\n

Abu Rafi<\/strong><\/p>\n

And do you see any gap from losing the first vendor customer to the second, any gap of revenue?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Oh, that is already a plan — that is already a plan this thing is there because this gap was — gap was supposed to be there. So — but it is likely to be less because the vessel when less vessel is going to come back-in Dubai only and after that, it will be again deployed from Dubai only.<\/p>\n

Abu Rafi<\/strong><\/p>\n

So I hope. Yes, just two more questions, sir. On the contract renewal part for CMX 3 and CMX, are they already recontracted or they are yet to be contracted?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So CMEC 3, as I already mentioned in my address, it is already working. So which is already announced in the exchanges. So it is already there. And CMEC Princess also is likely to get the contract award. We are in advanced-stage. So as and when it gets finalized, it will be to the exchanges during the — as per the user practice. And then vessels will start working and do the work.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Yes, I have gone through the — the CMET III update that you had provided, but it is a very short-term contract. I was asking of a long-term contract.<\/p>\n

Naveen Mohta<\/strong><\/p>\n

So they don’t run on full-year contract, Abu, they work on EPC contracts.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Okay, okay, okay. All right. So one last question from my side. So I truly understand the nature of your business and given the size of vessels that you operate with, breakdowns and technical in your vessels are bound to happen, but are there some extra efforts taken by the company to minimize and quickly address these breakdowns such as regular monitoring and preventive maintenances, et-cetera?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

Yeah, yeah. All these things are done. See, our industry is quite highly regulated. See, it is similar to like aviation, it is more regulated than even aviations also. There are government authorities, there are classification societies. The client itself monitors all these vessels maintenance very scrupulously. So all the vessels undergo this rigorous maintenance schedule.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Okay, sir, if I may ask one last question. Any specific reason behind the resignation of the Director?<\/p>\n

Naveen Mohta<\/strong><\/p>\n

You were talking about.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

There is no specific reason. We had in fact replaced a Mr Rajeev Goyal with Mr. So with that, and we have taken this step consciously to strengthen our management and operational excellence.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Okay. Okay, okay. Thank you.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

He was a representative of the parent company and we have just replaced that.<\/p>\n

Abu Rafi<\/strong><\/p>\n

Okay. Okay, okay. Thank you. Thank you very much, sir. That’s it from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harsh Thanvi from Advisors. Please go-ahead.<\/p>\n

Harsh Thanvi<\/strong><\/p>\n

Hello, sir. Am I audible?<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Yes.<\/p>\n

Harsh Thanvi<\/strong><\/p>\n

Yes. So I wanted one question. If you look at the quarterly results, in the overseas segment, we have made a loss of INR14 crores. So can you comment on that?<\/p>\n

Sunil Gupta<\/strong><\/p>\n

Please repeat?<\/p>\n

Harsh Thanvi<\/strong><\/p>\n

So if you look at the quarterly statements, the results, in the overseas segment, we have made a loss of INR14 crores. So can you comment on that?<\/p>\n

Sunil Gupta<\/strong><\/p>\n

So our losses are due to interest and depreciation, which we have in UK and whatever interest we are incurring over there, which is getting eliminated in consolidated consolidation. So apart from that, there are very less loss in, say, in and KG. And we are also in the process of whatever loss we have. We are in the process of eliminating debt also and we are hopeful to get our consolidated numbers in green in quarters to come.<\/p>\n

Harsh Thanvi<\/strong><\/p>\n

Okay. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Aditya Sain from RoboCapital. Please go-ahead.<\/p>\n

Aditya Sen<\/strong><\/p>\n

Hi, thanks again. Sir, given that our Swordfish has got a higher charter rate, so for FY ’26, should we — is it fair to assume that we’ll get an EBITDA north of 32% on a consol basis.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

See, what you have mentioned that, okay, it has got a very-high rate, so that is effect. It is a very good and very lucrative contract. And we are hopeful that we will be able to get very good return on the — due to this contract.<\/p>\n

Aditya Sen<\/strong><\/p>\n

That is my question. Thank you hi,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Odit Segal. This will be the last question for today. Odit Sagal from Research. Please go-ahead.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Yeah. Good evening, sir. I’m a bit new to the company. So I would request you for a few a brief. So basically, we — how many vessels do we have? And since you are talking that they are all on two-year charter, what are the current charter rates?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

So hi, we have got seven vessels, one OFB, one bar and five MSB, all are not on the contract of five years. They are on two years or five years. All vessels are on different, different duration of the contract. Normally we have three to five years of long-term contract, but there are contracts for 3 and princis which are on export market and they are running into year-long contract only on season. Apart from that CMAC 2 to and diamond they are on long-term contract and they are they are yet range from 9,000 to 56,000 via the per day<\/p>\n

Udit Sehgal<\/strong><\/p>\n

And what about the new contracts that we have got for? When does that start?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

How new contract we have received for. This is for two-year contract and this — in this contract vessel will be deployed between 15th March to 31st of March 2025 and it’s dated INR78,000 — 78,000 per day.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Okay. So that is only a 15-day contract. So what happens to<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Your contract expected to start from between a period of 15 March to 31st March.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Okay, okay, okay. Right. So sir, just a suggestion from my side, like next time certain improvements we could make in the presentation that for each of the vessels, if we could get the charter rate and the time period. I know the ones which are on the short-term, it may be not possible, but the ones at least on the long-term, we can get what exactly are the charter is and we can understand it accordingly.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

While I appreciate your question, please understand that we putting these numbers on presentation is like giving everything to our competition. I would advise you that most of we are being covered by three analysts right now. And if you take their research reports, you will find those datas in that. And in fact, you can approach to Bala, who is hosting this call from Arian. He can help you giving all those data.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Great, sir. And sir, regarding this new OLAP 10, I think which was launched today, I believe at India Energy Week. So do we see any uptick in the exploration activities and are we involved in that or are we involved only at the production stage?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Navindia so as I mentioned earlier, now the government has come out with this thing, so it is going to be a huge growth potential for the company. Right now, we are looking at it from that development perspective only that as and when this exploration and all these new activities start, and there will be benefits which will trickle-down to us in the usual course of time. So there are growth potential that there. Right now, we are not looking on this opportunity as a developer ourselves because these are — that require a very different kind of expertise and quite a high capex commitment. So right now, we are not looking to or bid for those blocks and to go for the auction of these blocks. So right now that is not the focus area for the company.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

But suppose an operator wins the block and they are doing the exploration activity in — because I think right now they are talking about exploring the on-demand area and a lot of offshore — deep offshore basins. Are vehicle — are ships suitable for that kind of exploration?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

No, no, no. So when you are — when we are talking about those exploration, the exploration is always subsea or when we go into the deeper water below the seabed. So from there only this oil and gas comes out. Okay. So that is for the kind of drilling rigs and all those kind of equipment that can be done. We are having the vessel. So once they have drilled the oil from there when their structures are made, then only our work will start that, okay, we will help them in installation of those structure and then maintenance of those structure.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Okay. So it will be a long-term story once the oil gas is discovered, then we come in for the support.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yeah, it is a long-term story, but it is an exciting story that, okay, there are growth potential continue for the company. It is not that the company will stagnate somewhere or something like that, no. There are — government is giving focus on the oil exploration. And as long as the government focus is there on oil exploration, the more the activity, the more the growth for the company.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

And do you think the area and the exploration and under this policy has that increased a lot from the earlier policies or I mean, do you see — like saying exactly?<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yeah, this time, they have added quite a lot of area in the offshore.<\/p>\n

Udit Sehgal<\/strong><\/p>\n

Okay. Thank you, sir. And I’ll connect with Bala regarding the and other details. Thank you, sir.<\/p>\n

Vinay Kumar Agarwal<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to over to Mr for the closing comments.<\/p>\n

Balasubramanian A<\/strong><\/p>\n

Thank you. Thank you all the participants and management team. Mr Navin sir, and Sunil Gupta, are any final closing remarks from your side?<\/p>\n

Sunil Gupta<\/strong><\/p>\n

No, thank you, Bala, for hosting the call and we assure our investors that the company is aggressively working for the growth and betterment and creating value to its stakeholders. Thank you very much and see you in the next quarter.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Arihant Capital Markets, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Seamec Ltd (NSE: SEAMECLTD) Q3 2025 Earnings Call dated Feb. 12, 2025 Corporate Participants: Naveen Mohta \u2014 Whole Time Director Vinay Kumar Agarwal \u2014 Chief Financial Officer Sunil Gupta \u2014 Vice President, Strategy & Investor Relations Analysts: Balasubramanian A \u2014 Analyst Aditya Sen \u2014 Analyst Nakul Joshi \u2014 Analyst Anirudh \u2014 Analyst Rohan Baranwal \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-176628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":176632,"url":"https:\/\/alphastreet.com\/india\/seamec-ltd-seamecltd-q2-2025-earnings-call-transcript\/","url_meta":{"origin":176628,"position":0},"title":"Seamec 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