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Hot Pursuit News

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(06 Nov 2023, 10:13)

Shipping Corp slides as Q2 PAT drops 42% YoY to Rs 66 cr

Shipping Corporation of India slipped 4.03% to Rs 133.40 after the company’s consolidated net profit tumbled 42.53% to Rs 65.73 crore on 22.88% decline in revenue from operations to Rs 1,093.20 crore in Q2 FY24 over Q2 FY23.

Profit before tax in Q2 FY24 was at Rs 73.73 crore, down 41.51% from Rs 126.05 crore recorded in the corresponding quarter previous year.

Total expenses declined 16.33% year on year to Rs 1,113.49 crore during the quarter. Cost of services rendered was at Rs 693.44 crore (down 21.51% YoY) and employee expenses stood at Rs 116.4 crore (up 4.82% YoY) in Q2 FY24.

During the quarter, the company's revenue from liner stood at Rs 93.89 crore (down 71.72% YoY), revenue from bulk carrier was at Rs 160.79 crore (down 28.66% YoY) and revenue from tanker stood at Rs 757.36 crore (down 4.14% YoY). However, the firm’s income from technical & offshore came in at Rs 83.75 crore in Q2 FY24, registering a growth of 7.82% YoY.

The Shipping Corporation of India (SCIL) is a national carrier, wi...

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