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

Shipping Corporation reported 50.16% growth in total revenues yoy for the Mar-22 quarter on consolidated basis at Rs1,314.52cr. On a sequential basis, revenues were lower for the quarter by -8.16%. For the full year FY22, the revenues were higher by 34.8% at Rs4,995cr.

The jump in shipping revenues on a yoy basis came from a revival of shipping routes and a rise in shipping demand as global trade came back to more normalize levels.

There was a yoy doubling of liner revenues as well as bulk carrier revenues. Revenues from tankers and technical services saw a spike yoy. Sequential revenues hit by Omicron and Ukraine impact.

The consolidated net profit for Q4 was up 77.43% at Rs152.16cr while it was sharply down on a sequential basis by -51.16%. While the yoy profits grew on the back of higher revenues and revival of trade routes, the sequential profit fall was on account of sharply lower employee costs and finance costs in the previous Dec-21 quarter.

Net margins stood at 11.58% in Mar-22 quarter compared to 9.80% in Mar-21. NPM was lower sequentially compared to 21.77% in Q3. The board has recommended final dividend of Rs.0.70 per share.