Shipping Corporation of India Q4 profit up 77%, total income up 51 percent

SCI profit up 77 percent

The company’s total income has increased by 51 percent to Rs 1,364.62 crore during the March quarter. The company’s income in the same quarter last year was Rs 900.73 crore. The government is currently trying to privatize the company.

Shipping Corporation of India has released its March quarter results today. SCI ,SCIAccording to the consolidated profit of the company in the fourth quarter (Q4 Net Profit) has reached Rs 152.16 crore with an increase of 77.42 percent. The company had reported a profit of Rs 85.76 crore in the same quarter of the previous financial year. At present, the government holds its stake in the company ( strategic disinvestment) Is trying to sell and it is likely that the process of privatization of the company will be started in the next 3-4 months. At present, the government is liquidating some non-core assets of SCI, including a shipping house and training institute, as part of a strategic sale process.

51% increase in income

According to the data released by the company, the total income of the company has increased by 51 percent to Rs 1,364.62 crore during the March quarter compared to the previous year. The company’s income in the same quarter last year was Rs 900.73 crore. At the same time, the total expenses of the company have also increased to Rs 1,223.76 crore from Rs 838.57 crore last year. At the same time, the consolidated profit of the company for the entire financial year has been Rs 865.22 crore. The company had reported a profit of Rs 696.9 crore in the previous financial year. The company is a big name in India’s shipping sector and one-third of the goods going out of India are handled by Shipping Corporation.

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SCI privatization process will start by September

The government is currently trying to sell its entire stake in SCI. According to recent reports, the government will invite financial bids for the sale of Shipping Corporation of India, probably by September. According to the report, financial bids will be called after the completion of the process of liquidation of non-core assets of the company. After which efforts will be made to complete the privatization of SCI in this financial year. In the meeting of the Board of Directors of Shipping Corporation held in the same month, the non-core assets of the company were transferred to Shipping Corporation of India Land and Assets Ltd. The plan to transfer (SCILAL) has been approved. These include Shipping House in Mumbai and Maritime Training Institute in Powai. As per the books of SCI, the value of its non-core assets as on March 31, 2022 was Rs 2,392 crore. The board of directors of SCI had in August last year approved the plan to liquidate the non-core assets of the company. Thereafter, SCILAL was formed in November, 2021. The Ministry of Ports, Shipping and Waterways has asked SCI to expedite the process of demerger of non-core assets in April, 2022. In December, 2020, the Department of Investment and Public Asset Management (DIPAM) had invited Expression of Interest (EOI) for sale of the entire 63.75 per cent stake of the government in the company. Along with the stake sale, the management of the company is also to be transferred. The Union Cabinet in November 2020 gave in-principle approval to the strategic disinvestment of Shipping Corporation.