Business & Investment

Shipping Corp Q2 Results: Shipping Corp Q2 Results: Net Income Up 71% 243 Kroner

New Delhi: Monday’s Disinvestment-bound Shipping Corporation of India Ltd (SCI) reported a 71.26% increase in consolidated net income for the second quarter ending September 30, 2021 to reach 243 rupees. The shipping company reported net profit. Rupees of Rs 141.89 for the corresponding quarter of the previous fiscal year were stated in a regulatory filing with BSE.

SCI’s total revenue increased from Rs 876.87 in the year-ago quarter to Rs 1,229.66 during the quarter. Total expenses also increased from 743.49 rupees in the same period of the previous year to 996.82 rupees.

According to the company, the impact of the second wave of COVID-19 continued in the second quarter of 2021-22.

“The pandemic impact on oil demand and its associated market dynamics has had a negative impact on tanker market profits,” he said.

However, the company said the liner fare index witnessed a significant improvement in charter fares, adding that even if travel restrictions were relaxed, crew replacement would remain a difficult aspect.

SCI is India’s largest shipping company and the only Indian company engaged in the transportation of LNG.

Shipping Corp Q2 Results: Shipping Corp Q2 Results: Net Income Up 71% 243 Kroner

https://economictimes.indiatimes.com/markets/stocks/earnings/shipping-corp-q2-results-net-profit-soars-71-to-rs-243-cr/articleshow/87473992.cms Shipping Corp Q2 Results: Shipping Corp Q2 Results: Net Income Up 71% 243 Kroner

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