Shipping Corporation Q4 PAT up 77.43% to Rs152.16cr on higher freight revenue from shipping

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Shipping Corporation recorded a 50.16% growth in total revenue year-on-year for the quarter to March 22 on a consolidated basis at Rs 1,314.52cr. On a sequential basis, revenue declined -8.16% in the quarter. For the full FY22 year, revenue increased by 34.8% to Rs4,995cr.

The jump in shipping revenue on an annual basis comes from a revival of shipping routes and increased demand for shipping as global trade has returned to more normal levels.

There was a year-over-year doubling of liner revenues as well as bulk carrier revenues. Revenues from tankers and technical services peaked year-on-year. Sequential revenue hit by impact from Omicron and Ukraine.

The fourth quarter consolidated net profit increased by 77.43% to Rs152.16cr while it was down sharply on a sequential basis by -51.16%. While year-over-year profits increased on the back of higher revenues and the relaunch of trade routes, the sequential decline in profits was due to the sharp decline in labor costs and finance charges in the prior quarter to December 21.

Net margins were 11.58% in the March 22 quarter, compared to 9.80% on March 21. NPM was lower sequentially compared to 21.77% at Q3. The board has recommended a final dividend of Rs.0.70 per share.

Financial highlights for March 22 compared year-over-year and sequential











Maritime Corporation of India

Rs to Crore

March 22

March 21st

YEAR

December 21

QOQ
Total income (Rs cr) ₹1,314.52 ₹875.39 50.16% ₹1,431.26 -8.16%
Net profit (Rs cr) ₹152.16 ₹85.76 77.43% ₹311.54 -51.16%
Diluted EPS (Rs) ₹3.27 ₹1.84 ₹6.69
Net margins 11.58% 9.80% 21.77%

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