Shipping Corporation of India or SCI as it is more popularly recognized, posted a very dismal set of numbers for Q2FY17. The poor show by its liner and bunker verticals plus higher costs is what did it in.

The company posted a 30% (YoY) drop in total income at Rs.759 crore. Costs were at 101% of the total revenue earned. EBITDA was down 57% at Rs.133 crore while margins slipped from 28.1% to 17.5%. Thanks to interest income of Rs.30 crore and other income of Rs.17 crore, the company had a profit at EBIT level of Rs.39 crore v/s Rs.225 crore (YoY) but the interest outgo and taxation pushed it into the red. The company ended the quarter with net loss of Rs.20 crore v/s profit of Rs.162 crore in previous Q2 and profit of Rs.56 crore in Q1.

The company’s 72% revenue comes from tanker business but its revenue was down 29% and EBIT was down 63%. The other two verticals – Liner and bunker, both posted a loss at EBIT level.

The stock price tanked today, going down almost 7% at Rs.58.50 and is currently the top loser on the BSE.