Shipping Corporation of India Reports Profits Surge Amid Disinvestment Plans

The Shipping Corporation of India Ltd (SCI) has reported a significant increase in net profit for the second quarter of 2024. With profits rising to Rs 291.44 crore from Rs 65.73 crore the previous year, the company's total income and expenses also saw a significant growth.

The Shipping Corporation of India Ltd (SCI), which is set for disinvestment, announced a substantial rise in its consolidated net profit for the second quarter ending September 2024. According to a BSE filing, SCI's net profit surged to Rs 291.44 crore compared to Rs 65.73 crore in the same quarter last year.

The company's total income also saw a considerable increase, reaching Rs 1,491.23 crore during the reviewed quarter from Rs 1,161.89 crore a year prior. This growth in revenue was accompanied by a rise in total expenses, which went up to Rs 1,195 crore from Rs 1,113 crore previously.

Additionally, shareholders of SCI have approved a dividend of Rs 0.50 per equity share with a face value of Rs 10 each. Notably, SCI remains the largest Indian shipping company and the sole Indian firm involved in LNG transportation.

(With inputs from agencies.)