Shipping Corporation of India (SCI) rallied 8.15% to Rs 229.70 after the company's consolidated net profit surged 343.39% to Rs 291.44 crore on 32.71% increase in revenue from operations to Rs 1450.76 crore in Q2 FY25 over Q2 FY24.
Profit before tax (PBT) stood at Rs 298.42 crore in Q2 FY25, up 304.75% as compared with Rs 73.73 crore in Q2 FY24.Total expenses increased 7.33% YoY to Rs 1195.11 crore in Q2 FY25. Cost of service rendered stood at Rs 778.02 crore (up 12.2% YoY), employee benefit expense was at Rs 122.68 crore (up 5.4% YoY), finance cost stood at Rs 43.20 crore (down 22.37% YoY) during the period under review.
Meanwhile, the companys board approved the appointment of chief financial officer (CFO) as chief financial officer (CFO) with effect from 1 January, 2025. However, current chief financial officer, Natarajan Prakaash Subramanya will continue to hold the position of CFO till 31 December 2024. Thus, he will cease to be the chief financial officer with effect from 01 January 2025.
The Shipping Corporation of India (SCIL) is a national carrier, with the Government of India (GoI) holding 63.75% of the equity as on 30 September 2024. 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.
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