Shipping Corp Q1 Results: Profit falls 28% YoY to Rs 114 crore

State-owned Shipping Corporation of India Ltd (SCI) on Friday reported a 27.97 per cent decline in consolidated net profit to Rs 114.17 crore for the first quarter of this fiscal. The company had clocked a consolidated net profit of Rs 158.51 crore in the corresponding period a year earlier, it said in a regulatory filing.

Its total income rose to Rs 1,500.53 crore in the latest June quarter against Rs 1,048.47 crore in the year-ago period.

The company's total expenses during the quarter under review increased to Rs 1,390.13 crore from Rs 899.25 crore a year ago.

SCI said the company has assessed the current scenario and based on internal and external information available, it believes that there is no COVID-19 impact in the first quarter of 2022-23, hence there is no impact on its ability to continue operations and meet its financial commitments.

The government is selling its entire 63.75 per cent stake in the company along with the transfer of management control.