Shipping Corporation Q4 net profit jumps 77.42 pc to Rs 152.16 crore

Shipping Corporation of India (SCI) on Saturday reported a 77.42 per cent jump in its consolidated net profit to Rs 152.16 crore for the fourth quarter ended March 2022.

The state-owned company had clocked a consolidated profit of Rs 85.76 crore in the same quarter of 2020-21, it said in a regulatory filing.

Its total consolidated income rose to Rs 1,364.62 crore during the quarter under review against Rs 900.73 crore in the year-ago period.

Total expenses also increased to Rs 1,223.76 crore during the quarter compared to Rs 838.57 crore a year ago.

For FY22, the company reported a consolidated profit of Rs 865.22 crore. It had recorded a profit of Rs 696.9 crore in 2020-21.

In March last year, the government received multiple bids for the privatisation of the Shipping Corporation of India. The Department of Investment and Public Asset Management (DIPAM) in December 2020 invited expressions of interest (EoI) for strategic disinvestment of its entire stake of 63.75 per cent in the firm, along with the transfer of management.

The Cabinet, in November 2020, had given in-principle approval for the strategic divestment of Shipping Corp. The privatisation of SCI is now likely to be completed in the current fiscal. The government has budgeted to garner Rs 65,000 crore from CPSE disinvestment in 2022-23.

The country's premier shipping line SCI owns and operates around one-third of the Indian tonnage and has operating interests in practically all areas of the shipping business, servicing both national and international trades.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)