Shipping Corporation of India shares fall up to 7% after Q3 net profit tanks nearly 44%

The state-owned company’s net profit for the December quarter tanked nearly 44% to ₹75.5 crore compared to the previous year’s ₹134.4 crore. Its revenue from operations was down 1.9% at ₹1,315.6 crore against the previous year’s ₹1,340.7 crore.

At the operating level, its EBITDA dropped 14.3% to ₹357.3 crore in the third quarter of this fiscal over ₹416.9 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 27.2% in the reporting quarter as compared to 31.1% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation.Under the Ministry of Ports, Shipping and Waterways, SCI is the largest shipping company in India.

The stock was down 5.65% lower at 180.73 apiece at 9.16 am on Monday, February 10. It has fallen 33.84% in the last six months.

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