Shipping Corp spurts as PAT soars 70% YoY to Rs 291 crore in Q1

Revenue from operations rose 26.18% year on year (YoY) to Rs 1,514.27 crore in June 2024 quarter.

Profit before tax in first quarter of FY25 was at Rs 298.30 crore, up 64.33% from Rs 181.53 crore recorded in the corresponding quarter previous year.

Total expenses spiked 18.2% year on year (YoY) to Rs 1,264.72 crore in Q1 FY25 over Q1 FY24.

Cost of services rendered was at Rs 855.05 crore (up 21.84% YoY) and employee benefit expenses stood at Rs 119.40 crore (up 12.04% YoY) during the quarter under review.

The Shipping Corporation of India (SCIL) is a national carrier, with the Government of India (GoI) holding 63.75% of the equity as on 30 June 2024. SCIL is the largest Indian shipping company in terms of capacity with a diversified fleet profile. The company is diversified in terms of its business segments, namely, crude oil/product tankers, dry bulk, offshore services, and container operations. The company also has a presence in passenger vessels, chemicals and gas transportation.