SCI reported profit of Rs. 103.30 crore in the Third quarter of FY 2020-21

MUMBAI: The Shipping Corporation of India Limited (SCI) declared its financial results for the third Quarter of FY 2020-21 on 5th February, 2021 and posted a Profit after Tax (PAT) of Rs.103.30 crores and Rs. 551.91 crores for the Quarter ended and Nine Months’ ended 31st December 2020, respectively, as compared to the PAT of the corresponding Quarter and Nine Months period of the previous year FY 2019-20 viz. Rs. 284.50 crores and Rs. 188.60 crores, respectively. SCI achieved the highest Nine Months’ ended profit in a decade.

SCI has been posting a profit in excess of Rs.100 crore in each of the past consecutive five Quarters, cumulating to Rs. 950 crores for the last five Quarters together.

Liner Segment registered a PBIT of Rs. 49.72 Crores in the current quarter as compared to the loss of Rs. 26.48 crores during the previous quarter in the backdrop of high global freight rates.

The Tanker segment reported a profit of Rs.50.42 Crores as compared to Rs.76.54 Crores in the previous quarter due to normalization of the freight rates after the preceding spike and, additionally, the freight rates coming under pressure on account of less demand. Bulk segment has reported loss of Rs. 14.03 Crores in current quarter as compared to profit of Rs. 24.68 crores during Q2 2020-21. A slight improvement in the offshore activities in Q3 as compared to the first half of the year, though not comparable to the pre-COVID period, led to the T&OS segment reporting a reduced loss of Rs.12.19 crores in the current quarter as compared to the loss of Rs.26.48 crores in the previous quarter. The impact of the COVID 19 pandemic continues to be felt in Q3 2020-21.

SCI, India’s largest shipping company having DWT of 5.31 million (GT of 2.94 million) with a fleet of 59 vessels, also manages 51 vessels on behalf of various Government bodies, Administrations & Organisations. It is the only Indian company engaged in transportation of LNG.