Shreyas Shipping locked at 20% upper circuit as Q3 net up 278%

Moneycontrol BureauShare price of Shreyas Shipping has locked at 20 percent upper circuit on Monday on the back of robust numbers declared by the company for the quarter ended December 2016.The company's Q3 (Oct-Dec) consolidated net profit increased by 278 percent at Rs 10.6 crore against net profit of Rs 2.8 crore, reported in same quarter last fiscal.Total income was up 37 percent at Rs 193.3 crore versus Rs 141.1 crore.The company's operating profit (EBITDA) rose 143 percent at Rs 22.2 crore and operating margin was up 510 bps at 11.5 percent.On February 10, the company has signed a memorandum of agreement (MOA) for acquisition of one container vessel of about 1100 teus. The delivery of the vessel is expected in first week of March, 2017.At 11:05 hrs Shreyas Shipping was quoting at Rs 288.10, up Rs 46.70, or 19.35 percent on the BSE.Posted by Rakesh Patil