Shipping Corporation’s net profit rose 77.42 percent to Rs 152.16 crore

Shipping Corporation of India (SCI) has jumped 77.42 per cent to Rs 152.16 crore in its consolidated net profit for the fourth quarter ended March 2022.

The state-owned company posted a consolidated profit of Rs 85.76 crore in the same quarter of 2020-21, it said in a regulatory filing.

Its total consolidated revenue rose to Rs 1,364.62 crore in the quarter under review from Rs 900.73 crore in the year-ago period.

The total expenditure for the quarter was Rs 1,223.76 crore as compared to Rs 838.57 crore a year ago.

For FY22, the company reported a consolidated profit of Rs 865.22 crore. It has recorded a profit of Rs 696.9 crore in 2020-21.

In March last year, the government received multiple bids for the privatization of the Shipping Corporation of India. The Department of Investment and Public Asset Management (DIPAM) has invited expressions of interest (EoI) for a strategic investment of its 63.75 per cent stake in the firm with the transfer of management in December 2020.

In November 2020, the Cabinet gave policy approval for the strategic expansion of the Shipping Corporation. The privatization of SCI is now expected to be completed in the current financial year. The government has budgeted to raise Rs 65,000 crore from CPSE investments in 2022-23.