Shipping Corporation of India (SCI) reported a 28% drop in consolidated net profit to Rs 114 crore for the first quarter of this fiscal. This was on a 43% (YOY) rise in total income at Rs.1500 crore.
Total expenses during the quarter rose 54%.
SCI said the company has assessed the current scenario and based on internal and external information available, it believes that there is no COVID-19 impact in the first quarter of 2022-23, hence there is no impact on its ability to continue operations and meet its financial commitments.
The government is selling its entire 63.75 per cent stake in the company along with the transfer of management control.
The stock is currently the top loser on the BSE; going down 7% to an intraday low at Rs.105.40 yet pretty far from its 20% LC of the day at Rs.90.40. Its 52-week low is at Rs.86.
Our Editor, Mr.SP Tulsian has stated that the stock remains a good buy for those with a long term perspective and can be accumulated at current prices.