Shreyas came out with Q2 numbers, pretty much in line with Q1, though the markets have hammered the stock down 30% so far in two days!
Perhaps the apparent fall of Sales of over 50% sequentially in Q2 over Q1 may have perturbed the markets, which is surprising as it was well known that Sales from Q2 would be through the operating Co., comprising of Shreyas & DP World, which would also bear the fuel charges / Port handling charges. Shreyas is entitled to the resultant profits to the extent of 66% (2/3rd). The current Quarter revenue of 75 crs is largely this share of the gains from the operating Co. Similarly, the fuel & port handling expenses are lower by over 90%.
It is also relevant to note that Shreyas is largely into Indian coastal shipping & is relatively unaffected by the gyrations of the Howe Robinson Container Index.
Based on the first half of the year, the Co. should do profit after tax of about 120 crs, after adjusting (removal) for the exceptional gains in Q1 & the current market cap of about 595 crs makes the stock attractively valued.