SCI soars 8% on near 3-fold jump in Q4 net

The shipping major reported a 183.9 per cent jump in Q4FY23 net profit to Rs 359.83 crore when compared with Rs 126.74 crore in Q4FY22

Shares of Shipping Corporation of India (SCI) soared nearly 8 per cent to a high of Rs 101.85 on the BSE in Wednesday's intra-day trades after the SCI reported near three-fold jump in Q4 net profit.

At 09:50 AM, the stock was up 6.7 per cent at Rs 100.90 on trades of around 5.60 lakh shares as against the two-weekly average volume of around 1 lakh shares on the BSE. Meanwhile, the S&P BSE Sensex had wiped out early morning gains, and was down 0.1 per cent or 48 points at 61,713.

For the quarter ended March 2023, SCI on Wednesday reported a 183.9 per cent surge in net profit to Rs 359.83 crore. In comparision, the net profit for the quarter ended March 2022 stood at Rs 126.74 crore. Revenue from operations grew by 7.2 per cent year-on-year (YoY) to Rs 1,452.21 crore from Rs 1,355.12 crore.

For the fiscal year 2022-23, net profit was up marginally by 1.3 per cent at Rs 800.12 crore as against Rs 790.11 crore in FY22. Revenue increased by 16.1 per cent to Rs 5,906.65 crore from Rs 5,086.25 crore.

That apart, the stock is likely to be in focus amid buzz of a likely divestment. According to a Reuters report in April, after years of delay the government may finally invite financial bids for the privatisation of SCI this month. The government owns 63.75 per cent stake in the company.

SCI had spun-off its non-core assets in March, after having received the necessary regulatory approvals in February.