890.10 crore loss of FY2016, Mercator swung to Rs 24.58 crore profit for
FY2017, says a company note. The company posted a total revenue of Rs 2, 2716
crore for FY17 against Rs 2,725 crore total revenue registered for FY16. Total
expenses of the company declined to Rs 2,212.44 crore in the current year under
review in comparison to the total expenses of Rs 3,8148.07 crore recorded
during year ago review period.
under dredging vertical got impacted due to completion of Kandla Port project
and subsequent dry-docking of 2 dredgers with dredgers back on track in July
2017. The company forayed into Dredging business in 2007 deploying dredgers
across India mainly at major ports providing maintenance dredging services.
vertical witnessed charter rates dip and voyages reduced due to OPEC oil cuts.
The shipping enterprise operates a fleet of 8 vessels which consists of
tankers, a gas carrier and bulk carriers. The division offers fleet as a mix of
spot contracts and fixed-term charter contracts depending on the specific needs
Oil & Gas
is on track for commercial production by first half of CY18. Mercator has
received extension for completion of minimum work program. The field
development plan has submitted for Jyoti 1 and Jyoti 2 to Director General of
Hydrocarbons in Q3FY18, awaiting approval. The company has 100 per cent
interest in 2 Cambay basin blocks with 2oil discoveries being made. In this
regard, third party report for certificate of resources is available. Mercator
has 25% interest in 2 Myanmar blocks. EPC arm of the company is capable to
execute turnkey projects and the process is underway to complete the Sagar
Samrat project on EPC basis at a yard situated at Abu Dhabi.
has focused on maximizing operational efficiencies maintained in the coal
operations. As many as 3 coal mining licenses in Indonesia are operated by the
company of which operations ongoing at 1 mine. The shipping major also holds 1
mining license in Mozambique. Additionally, it offers coal infrastructure services
comprising of an all-weather haul road, stockpile facility, crushing unit &
jetty loading facility to other coal mines situated in proximity to the coal
mine. The coal division has expertise in providing complete logistics solutions
for coal i.e. transportation of coal from the foreign load port until its final
destination. The customers include consumers as well as coal stockiest
intermediaries, based in India and other Asian markets.
impacted adversely due to factors comprising loss of revenue post completion of
Kandla Port Project (contract not renewed due to lower margins); revenues
impacted due to reduction in charter rates by 15%. The company therefore is
exploring strategic initiatives to further de-leverage and improve balance
Some of the key CSR
initiatives undertaken during the financial year include Project Prem Sukhda
envisaged to operate dispensaries, hold awareness sessions and conduct personal
hygiene camps for children. Under Prem Sagar project, the company launched
computer education and sewing and design course for local community. The
company floated project Prem Pravah to sponsor therapy to children with hearing
impairment and support NGOs working on eye care and disabled. The CSR project
Prem Pravan was initiated to sponsor therapy to children with hearing
impediment and support NGOs working on eye care, disabled.