Shipping Corp shares fall 4% after Q1 revenue declines 18%

Sales from liner and bulk carrier dropped steeply as compared to the last year, which impacted the overall revenue.

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Shares of Shipping Corporation of India fell 4 percent on August 7, reacting to a drop in sales in the June quarter.

Even as consolidated net profit jumped 57 percent on year to Rs 171.61 crore in April-June, revenue was down nearly 18 percent at Rs 1,200.11 crore.

Sales from liner and bulk carrier dropped steeply as compared to the last year, which impacted the overall revenue.

The company operates in four segments-Liner, Bulk Carrier, Tanker and Technical & Offshore. The liner segment covers break-bulk and container transport. Bulk carriers are for dry bulk transport. Tankers include crude and product carriers, as well as gas carriers. The Technical & Offshore segment includes company-owned offshore vessels and vessels managed on behalf of other organizations, along with income from technical consultancy services.

At 1:51 pm, shares of the company were trading 2.6 percent lower at Rs 100.20 on the BSE.

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EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) rose 21 percent YoY to Rs 362.95 crore while margins also expanded to 30.24 percent in the quarter under review from 20.44 percent a year ago.

A sharp fall in the company’s cost of services rendered and other expenses helped improve profitability.

Recently, Acuite Ratings & Research upgraded its long-term rating to ‘ACUITE AA+’ from ‘ACUITE AA’ and reaffirmed its short-term rating of ‘ACUITE A1+’ on the company’s bank facilities of Rs 7,500.00 crore with a ‘Stable’ outlook.

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