Shipping Corporation extends losses for third day, shares decline over 7% after Q3 results

Shares of the state-owned maritime transportation company dropped as much as 7.5% in morning trade to hit an intraday low of ₹177.21 apiece on the NSE on Monday, extending the losses for their third straight day amid a weak market. However, the PSU stock recovered some losses to trade 6.12% lower at ₹179.84 apiece on the NSE at around 12:30 pm.

The stock has declined 11.6% in the past month, while sliding 32.5% in the last six months. Shares of the company have declined more than 14% year-to-date and 28% in the last one year.

The public sector undertaking (PSU) reported a consolidated net profit of ₹75.52 crore in the third quarter of the current financial year (Q3FY25), marking a 43.8% year-on-year (YoY) drop from ₹134.35 crore in the same period a year ago.

The company’s revenue from operations stood at ₹1,315.6 crore in the December 2024 quarter, marginally down by 1.9% on a YoY basis. The figure stood at ₹1,340.7 crore in the corresponding quarter of the preceding fiscal.

At the operating level, Shipping Corporation of India reported an EBITDA (Earnings before Interest, Tax, Depreciation, and Amortisation) of ₹357.3 crore in Q3FY25, marking a decline of 14.3% YoY compared to ₹416.9 crore in the year-ago period.

Its EBITDA margin too followed the trend, falling up to 27.2% in the quarter under review from 31.1% in Q3FY24.

Shipping Corporation’s revenue from the ‘Liner’ segment rose 14.2% YoY to ₹281.07 crore in Q3 FY25 from ₹246.1 crore in the same period last year, while revenues from the remaining segments, including bulk carrier, tanker, and technical and offshore fell in the third quarter of the current financial year.