SCI sails in good waters

Shipping Corporation of India (SCI) is the top gainer on the BSE since the opening bell today; the stokc, which had closed on Friday at Rs.257.35, opened much higher today at Rs.270.25 and rose to an intraday high at Rs.288.75. Its 52-week high is at Rs.384.80.

The market is reacting positively to its earnings for Q1FY25 wherein it posted a 70% (YoY) jump in consolidated net profit at Rs.291 crore, on a 26% jump in revenue from operations at Rs.1514 crore.

EBITDA came in 40% higher at Rs.510 crore while margins rose from 30.3% to 33.7%.

The bid for divestment in SCI is still open but those in the industry say that not too many are interested as there is no longer the sweetener of the cash reserves and no prime realty properties like Shipping House (the headquarters of SCI in South Mumbai), the Maritime Training Institute and the officers’ flats located in Mumbai and Kolkata. All this has now been transferred to the separate company.