Shipping Corp Q3 PAT slips 10% YoY to Rs 279 cr

Shipping Corporation of India reported 10.27% decline in consolidated net profit to Rs 279.54 crore in Q3 FY23 as against Rs 311.54 crore posted in Q3 FY22.

Revenue from operations stood at Rs 1,500.06 crore in the quarter ended 31 December 2022, up 4.81% to Rs 1,431.26 crore recorded in Q3 FY22.

Consolidated profit before tax fell 11.93% to Rs 295.80 crore in Q3 FY23 from Rs 335.86 crore reported in the corresponding quarter previous year.

Total expenses rose 10.82% to Rs 1,265.39 crore in Q3 FY23. Cost of services rendered was at Rs 868.90 crore (up 4.36% YoY) and employee expenses stood at Rs 111.01 crore (up 4.19% YoY) during the quarter.

The company's revenue from Liner stood at Rs 226.73 crore (down 47.79% YoY) and revenue from Bulk Carrier was at Rs 189.68 crore (down 38.13% YoY). Meanwhile, the revenue from Tanker stood at Rs 1,006.12 crore (up 64.84% YoY) and income from Technical & Offshore was at 87.40 crore (up 4.06% YoY) in Q3 FY23.

The Shipping Corporation of India (SCIL) is a national carrier, with the Government of India (GoI) holding 63.75% of the equity as on 31 December 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.

Shares of Shipping Corporation of India gained 2.70% to Rs 123.70 on the BSE.

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