Shipping Corp Q2 net drops 49 pc to Rs 124 cr

Disinvestment-bound Shipping Corporation of India Ltd (SCI) on Friday reported a 48.81 per cent decline in its consolidated net profit to Rs 124 crore for the second quarter ended September 30, 2022. The shipping company had reported a net profit of Rs 243 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 1,458 crore during the quarter under review from Rs 1,296 crore in the year-ago period.

Total expenses also increased to Rs 1,336 crore from Rs 997 crore earlier.

SCI said the shareholders of the company have approved dividend of Rs 0.33 per equity share of face value Rs 10 each.

It said the proposed strategic disinvestment of SCI is being handled by the Department of Investment and Public Asset Management (DIPAM) with the engagement of necessary advisors.

SCI is the largest Indian shipping company and the only Indian firm engaged in transportation of LNG.