Shipping Corp slips as PAT drops 49% YoY in Q3

Shipping Corporation of India slipped 6.61% to Rs 218.40 after the company's consolidated net profit slumped 49.61% to Rs 134.35 crore in Q3 FY24 as against Rs 266.63 crore posted in Q3 FY23.

Revenue from operations declined 10.4% year on year (YoY) to Rs 1,340.68 crore in December 2023 quarter.

Profit before tax in Q3 FY24 was at Rs 150.99 crore, down 46.54% from Rs 282.44 crore recorded in the corresponding quarter previous year.

Total expenses fell 3.59% year on year (YoY) to Rs 1,214.56 crore for the third quarter of FY24.

Cost of services rendered was at Rs 769.95 crore (down 11.29% YoY) and employee benefit expenses stood at Rs 134.67 crore (up 22.58% YoY) during the quarter under review.

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.

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