Indian Stock Market News and Analysis

• GOSL is an established player in the domestic OSV space having= 6 OSVs in its fleet, which it plans to expand to 11 by FY09. &= nbsp;

• GOSL's stand-alone net revenues in Q4FY08 rose 21% to Rs23= 4mn, which was restrained by dry docking of Everest (PSV) as well as non-op= eration of AHTSV Garware-I for 2 months. OPM expanded by 140 bps to 60.9% a= nd accordingly operating profits grew by 24% to Rs143mn. Higher capital cha= rges however, restricted net profits to enhance by only 9% to Rs58mn. 

• GOSL remains committed and on track in its fleet expansion pro= gramme. Earnings from newer vessels should give a fillip to earnings. Furth= er, revision in contracts should aid the growth momentum and will be supple= mented through commission and brokerage income.  

• We remain bullish on the company's prospects and reiterate= our 'BUY' recommendation with a price target of Rs300 on a 12-mont= h investment perspective.

 
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