Shipping Corporation’s net income for the fourth quarter increased 77.42 percent to Rs 152.16 million

Shipping Corporation's net income for the fourth quarter increased 77.42 percent to Rs 152.16 million

SCI announced on Saturday that its consolidated net profit for the fourth quarter ending March 2022 increased by 77.42 percent to Rs 152.16 crore. According to a regulatory filing, the state-owned corporation made a consolidated profit of Rs 85.76 crore in the same quarter of 2020-21. Its total consolidated income increased to Rs 1,364.62 crore in the current quarter from Rs 900.73 crore in the previous quarter. Total expenses grew to Rs 1,223.76 crore in the quarter, up from Rs 838.57 crore the previous quarter. The company made a consolidated profit of Rs 865.22 crore in FY22. In 2020-21, it had a profit of Rs 696.9 crore.

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.

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