SCI up 9%
Shipping Corporation of India (SCI) is a bright spark in the lacklustre market currently, driven mainly by the earnings for the quarter. The stock opened 6% higher at Rs.99.90 and it rose 9% to Rs.102.83. Volumes have jumped up more than 8x.
The PSU for the Q4FY23 quarter posted a buoyant set of numbers. On a 8% (YoY) rise in consolidated net revenue at Rs.1418 crore, the company posted a whopping 154% jump in net profit at Rs.377 crore.
EBITDA for the quarter came in at Rs.464 crore, up 42% while margins rose from 24.98% to 32.8%.
The bets performance was turned in by the tanker division, followed by technical & offshore business. On the other hand, liner and bulk carrier segments declined on a YoY.
All eyes are now on the divestment process and with the Govt stepping on the accelerator, we could see the SCI getting privatized.
Recently, the company managed to complete the requirement of separating its non-core assets before selling off Govt’s 63.75% stake. After getting all the regulatory approvals, it successfully completed the spinoff. The demerged company, SCI Land Assets is now slated to get listed soon.
11th May 2023 at 02:15 pm