Shipping Corp Q3 net profit surges 54 pc to Rs 295.25 cr

Shipping Corporation of India (SCI) on Tuesday reported a 54.12 per cent jump in consolidated net profit at Rs 295.25 crore for the quarter ended December on the back of higher income.

The state-owned company had posted a consolidated net profit of Rs 191.57 crore for the corresponding quarter in the previous fiscal, it said in a regulatory filing to the BSE.

Total consolidated income rose to Rs 1,281.60 crore during the quarter under review as against Rs 1,100.66 crore in the year-ago period.

The company's expenses rose to Rs 978.70 crore as against Rs 900.12 crore in the corresponding quarter a year ago.

In a separate regulatory filing, the company said Luthra & Luthra Partners has been appointed as the legal advisor for strategic disinvestment of SCI.

"Department of Investment and Public Asset Management (DIPAM), Government of India...has appointed...RSSA Capital Advisors LLP as transaction advisor; Luthra & Luthra Partners as legal advisor and Protocol Insurance Surveyors & Loss Assessors Pvt Ltd as asset valuer," SCI said.

The government had last year kicked off a blockbuster disinvestment plan, lining up sale of five public sector units (PSUs), including majority stakes in SCI.

Starting out as a marginal liner shipping company, SCI has evolved into the largest Indian shipping company.

Its 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.

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

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