Sharp Profit Decline for Shipping Corporation of India: Q3 Insights

The Shipping Corporation of India reported a significant 43.78% decrease in net profit, amounting to Rs 75.52 crore for Q3 of 2024. In the same period last year, the profit was Rs 134.35 crore. Total expenses increased, while revenue slightly decreased to Rs 1,350.13 crore.

The Shipping Corporation of India (SCI), a state-owned entity, has announced a substantial decline in net profits by 43.78% for the third quarter ending December 2024. The net profit now stands at Rs 75.52 crore compared to Rs 134.35 crore in the same quarter last year.

The company's total income from operations during Q3 decreased marginally to Rs 1,350.13 crore, down from Rs 1,363.02 crore in the previous year. Meanwhile, SCI's overall expenses rose to Rs 1,277.31 crore from Rs 1,214.56 crore.

Being the largest shipping company in India, SCI operates under the Ministry of Ports, Shipping and Waterways. The financial results highlight mounting challenges within the industry.

(With inputs from agencies.)