You are here: Home » Companies » Results
Business Standard

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

The shipping company had reported a net profit of Rs 141.89 crore in the corresponding quarter of the previous fiscal

Q2 results | Shipping Corporation | shipping ports

Press Trust of India  |  New Delhi 

exports, imports, supply chain, economy, growth, shipping
Photo: Bloomberg

Disinvestment-bound 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 01 2021. 20:54 IST