Shipping Corporation records 49% YoY drop in Q2 PAT

Shipping Corporation of India reported 49% drop in net profit to Rs 124.38 crore in Q2 FY23 from Rs 243.01 crore in Q2 FY22.

Net sales during the quarter rose by 16% YoY to Rs 1420.40 crore.

Total expenses increased by 34% YoY to Rs 1,335.61 crore in the second quarter. Other expenses zoomed to Rs 100.71 crore in Q2 FY23 from Rs 8.30 crore in the same period last year.

Meanwhile, costs of services rendered rose by 26% YoY, finance costs increased by 3.6x YoY and depreciation charges went up by 18% YoY.

Profit before tax in Q2 FY23 stood at Rs 136.49 crore, down 45% from Rs 248.02 crore in Q2 FY22. Total tax outgo for the period under review was Rs 12.11 crore (up 2.4x YoY).

The Shipping Corporation of India (SCIL) is a national carrier, with the Government of India (GoI) holding 63.75% of the equity as on 30 September 2022. SCIL is the largest Indian shipping company in terms of capacity with a diversified fleet profile. The company is diversified in terms of its business segments, namely, crude oil/product tankers, dry bulk, offshore services, and container operations. The company also has a presence in passenger vessels, chemicals and gas transportation.

The scrip rose 0.31% to end at Rs 131.20 on the BSE on Friday.

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