This PSU company stock zooms by more than 5% after the declaration of Q4 result

Net profit of the company increased by 184%. 

About the result 

The shares of Shipping Corporation of India surged over 6% on the National Stock Exchange following the release of the company's Q4FY23 results, which showed a significant rise in profit after tax. The company reported a Profit After Tax of Rs 379.91 crore for the quarter ended March 2023, up by over 184% as compared to Rs 126.59 crore for the same quarter last year. The company has reported a total income of Rs 1,418.14 crore during the quarter under review as compared to Rs 1,355.47 crore same quarter last year. 

Revenue of the company grew 8.3% YoY at Rs 1,418.1 crore from Rs 1,308.90 crore in the same quarter last year. While EBITDA jumped 42% at Rs 464.5 crore. 

Company Profile 

The Shipping Corporation of India was established on October 2nd, 1961, by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation. Starting out as a marginal Liner shipping Company with just 19 vessels, the SCI has today evolved into the largest Indian shipping Company. The SCI also has substantial interests in various segments of the shipping trade. SCI’s owned fleet includes Bulk carriers, Crude oil tankers, Product tankers, Container vessels, Passenger-cum-Cargo vessels, Phosphoric Acid / Chemical carriers, LPG / Ammonia carriers, and Offshore Supply Vessels. 

Growth Drivers      

The Shipping Corporation of India is a government-owned company that operates and manages boats on both national and international routes. It is owned by the Government of India's Ministry of Ports, Shipping, and Waterways and has its headquarters in Mumbai. 

Share price movements   

Today, the share of Shipping Corporation of India Ltd opened at Rs 99.90 and has touched a high and low of Rs 102.83 and Rs 97.75, respectively. So far 11,71,421 shares have been traded on the bourses. 

At the time of writing, the shares of Shipping Corporation of India Ltd were trading at Rs 99.64, an increase of 5.41% from the previous day’s closing price of Rs 94.53 on BSE. The stock has a 52-week high and low of Rs 151.30 and Rs 79.50 respectively on BSE.