Shipping Corporation of India Sees 42.5% Dip in Q2 Profits, Shares Slide Nearly 5%

On November 6, shares of Shipping Corporation of India (SCI) experienced a significant downturn, dropping by 4 percent, following the company’s announcement of a substantial 42.5 percent year-on-year decline in net profit for Q2 FY24.

According to a regulatory filing, SCI reported a consolidated profit of Rs 65.7 crore for the quarter ending September 2023, reflecting a notable 42.5 percent decrease compared to the same period in the previous year.

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Despite healthy other incomes, the decline in net profit was attributed to a lower topline, causing revenue from operations to fall by nearly 23 percent to Rs 1,093.2 crore from the last fiscal year.

During the reporting period, SCI’s total income reached Rs 1,661.89 crore, marking an increase from Rs 1,458 crore in the last fiscal year. However, total expenses decreased to Rs 1,113.49 crore from Rs 1,330.80 crore for the same period.

By 11:43 am, SCI’s shares were trading 4.82 percent lower at ₹132.30, reflecting the market’s reaction to the company’s Q2 performance.