Shipping Corp second quarter profit soars 71% to Rs 243 crore

Disinvestment-bound Shipping Corporation of India Ltd (SCI) on Monday reported a 71.26 per cent jump in its consolidated net profit to Rs 243 crore for the second quarter ended on September 30, 2021.

The shipping company had reported a net profit of Rs 141.89 crore in the corresponding quarter of the previous fiscal, it said in a regulatory filing to the BSE.

SCI's total income rose to Rs 1,229.66 crore during the quarter under review from Rs 876.87crore in the year-ago quarter. Total expenses also rose to Rs 996.82 crore from Rs 743.49 crore in the year-ago quarter.

The company said the impact of the second wave of COVID-19 continued in Q2 FY 2021-22.

"The pandemic effect on the crude oil demand and its associated market dynamics had an adverse impact on the Tanker market earnings," it said.

However, liner freight indices witnessed significant improvement in charter rates, the company said, adding that even with relaxed travel restrictions, crew change continues to be a challenging aspect.

SCI is the largest Indian shipping company and is the only Indian company engaged in transportation of LNG.