Shipping Corp shares sink 4% after 42.5% decline in Q2 net profit

Shipping Corporation of India reported consolidated profit at Rs 65.7 crore for quarter ended September 2023, falling 42.5 percent compared to year-ago period despite healthy other income, impacted by lower topline.

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Shares of Shipping Corporation of India fell 4 percent on November 6, after the company announced a 42.5 percent on-year decline in net profit for Q2 FY24. By 9:40am, the stock was trading at Rs 133.90.

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According to a regulatory filing, Shipping Corporation of India  (SCI) reported consolidated profit at Rs 65.7 crore for the quarter ended September 2023, falling 42.5 percent compared to the year-ago period, despite healthy other incomes, impacted by lower topline. Revenue from operations fell nearly 23 percent to Rs 1,093.2 crore from the last fiscal. Total income for the reporting period was Rs 1,661.89 crore – up from Rs 1,458 crore in the last fiscal, while total expenses for the same period decreased to Rs 1,113.49 crore from Rs 1,330.80 crore.

Also read: Govt likely to soon invite financial bids for Shipping Corp: Official

On October 4, Moneycontrol reported that the Union finance ministry is likely to soon invite financial bids for the strategic sale of the government owned-Shipping Corporation of India and is mulling to go ahead without waiting for the listing of its demerged entity, Shipping Corporation of India Land and Assets Ltd (SCILAL). The company is yet to make any announcement.

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