Shreyas Shipping registers turnaround in profit in Q3

Shreyas Shipping and Logistics Ltd, a part of global conglomerate Transworld Group, has posted a consolidated a net profit of Rs 22.37 crore in Q3 FY15 as against a net loss of Rs 2.91 crore in the year-ago period.
The company's total income for the quarter jumped by 18.37 per cent to Rs 139.83 crore from Rs 118.13 crore in the Q3 FY14.
"The turnaround in results displays the efficiency of the company. The company expected to perform better, considering the expansion in capacities and support by pragmatic policies of the government to boost economic development of the country," Shreyas Shipping Chairman and Managing Director Ramesh Ramakrishnan told reporters here.

The deploying of newly acquired vessel SSL Gujarat in January this year, on self-operated service along the coastal route has enabled the company to link all ports. The additional tonnage acquired is being adequately deployed and now covers the entire coast line of India, Ramakrishnan said.
The company is now able to offer direct connectivity from Eastern and Southern India up to Middle East, he said.
With the recent acquisitions, the average fleet age is now reduced to 19 years. The overall debt exposures have also seen a reduction despite the vessel acquisitions.

The company is committed to enhancing coastal shipping in India and integrating with the inland waterways network in line with government's ambitious Sagar Mala project.

It will be providing new destinations and acquired cost-efficient, fuel efficient and environment friendly vessels to ensure minimal ecological impact.
The company also aims to identify new non-traditional cargo and increase connectivity to improve transshipment through more ports in India, Ramakrishnan said, adding that it intends to venture into e-commerce, liquid logistics and warehousing through its wholly owned subsidiary.
Shreyas Shipping currently owns and operates a fleet of six vessels trading on the Indian coast.