SCI’s net profit soars by 70 pc in Q1
The Shipping Corporation of India Ltd (SCI) has reported a 69.9% year-on-year (YoY) jump in net profit, at Rs 291.5 crore, for the first quarter ended June 30, 2024, the company said in a regulatory filing. In the corresponding quarter, SCI had posted a net profit of Rs 171.6 crore.
The company's revenue from operations increased 26.2% to Rs 1,514.3 crore against Rs 1,200.1 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA jumped 40.4% to Rs 509.7 crore in the first quarter of this fiscal over Rs 363 crore in the year-ago period. The EBITDA margin stood at 33.7% in the reporting quarter versus 30.3% in the first quarter of FY24. EBITDA is earnings before interest, tax, depreciation and amortization.
SCI shares on August 12 climbed nearly 7 per cent to Rs 275.35 after the public sector undertaking (PSU) reported good Q1 earnings. Owned by the Government of India, and under the Ministry of Ports, Shipping and Waterways, SCI is India's largest and most diversified shipping company, operating and managing multi-cargo vessels.