Shares of Shipping Corporation of India jumped 8 percent on May 10 after the company reported a stellar performance during the quarter ended March.
At 9:32am, the company’s stock was quoting at Rs 100.71, up Rs 6.18, or 6.54 percent. It rallied 24 percent in the past one month.
Net Profit came in at Rs 376.9 crore in the March quarter as compared with Rs 148 crore posted a year ago. Revenue grew 8.3 percent YoY at Rs 1,418.1 crore while EBITDA jumped 42 percent at Rs 464.5 crore.
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Out of the four revenue segments, tankers business saw solid on year growth and technical and offshore business also grew on a YoY basis. Whereas liner and bulk carrier businesses saw a decline in revenue as compared to last year.
The shipping company witnessed a sharp expansion in operating margin to 32.8 percent from 25 percent.
Besides, the Board has recommended a dividend of Re 0.44 per equity share of face value of Rs.10 each, i.e., 4.40 percent per share, subject to the approval of the shareholders. The said dividend if declared would be paid within 30 days from the date of its declaration at the AGM.
In April, the company was in headlines as some reports said the government plans to invite financial bids for the privatisation of Shipping Corp in May, as it looks to sell the state-run company after years of delay.
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