SCI reports net profit of Rs 302.35 crore for FY 2019-20

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The Shipping Corporation of India Limited (SCI) declared its audited financial results for the quarter and year ended March 31, 2020, posting a net income or profit after tax (PAT) of Rs 113.75 crore against Rs 45.99 crore reported for the quarter ended March 31, 2019.

With this, SCI has reported a net profit of Rs 302.35 crore as against net loss of Rs 121.99 crore for the year FY 2018-19.

The company’s total revenue stood at Rs 4,668 crore with operating revenue of Rs 4,425 crore, both highest in a decade.

Though the outbreak of COVID -19 has severely impacted business operations across all industries, timely and effective measures taken by SCI have helped to minimise disruption of operations.

The state-owned company has emerged as the first public sector undertaking in Navratna/Maharatna category to declare its financial results in the challenging environment of the pandemic.

SCI’s Board of Directors had recommended a dividend of Rs 0.75/- per equity share of face value of Rs 10/- each. The outgo on this account will be approximately Rs 35 crore, subject to the approval of members at the Annual General Meeting.

SCI, India’s largest shipping company having DWT of 5.31 million (GT of 2.94 million) with a fleet of 59 vessels, also manages 51 vessels on behalf of various government bodies, administrations and organisations.

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