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Business News/ Markets / Stock Markets/  Shipping Corporation of India shares jumped 8.7% to hit an intraday high of 102.83 apiece on the BSE.
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Shipping Corporation of India shares jumped 8.7% to hit an intraday high of ₹102.83 apiece on the BSE.

Shipping Corporation Of India on Tuesday posted a net profit of ₹376.9 crore for Q4FY23, registering a sharp jump of 154% from ₹148 crore in the corresponding quarter last fiscal.

Shipping Corporation of India stock price jumped more than 23% in the last one month, (Mint)Premium
Shipping Corporation of India stock price jumped more than 23% in the last one month, (Mint)

Shares of Shipping Corporation of India rallied over 8% Wednesday led by strong financial performance in the quarter ended March 2023. The stock jumped 8.7% to hit an intraday high of 102.83 apiece on the BSE.

Shipping Corporation Of India on Tuesday posted a net profit of 376.9 crore for Q4FY23, registering a sharp jump of 154% from 148 crore in the corresponding quarter last fiscal.

The company’s revenue from operations increased by 8.3% to 1,418.1 crore during the quarter under review from 1,309 crore, YoY.

The board of the company also recommended a dividend of 0.44 per equity share of face of 10 each.

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On the operating front, the company’s earnings before interest and tax, depreciation and amortization (EBITDA) declined 42.2% to 464.5 crore as compared to 326.7 crore, YoY, while EBITDA margins expanded sharply to 32.8% from 25%.

In the last one month, Shipping Corporation of India stock price jumped more than 23%. However, the stock price has fallen over 26% YTD and over 14% in last one year. The share price hit a 52-week low of 79.50 on April 10, 2023, and has recouped some losses since then. It touched a 52-high of 151.30 on December 20, 2022.

 At 12pm, Shipping Corporation of India shares were trading 5.87% higher at 100.08 on the BSE.

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Published: 10 May 2023, 12:43 PM IST
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