Public sector shipping company Shipping Corporation of India (SCI) has seen a tremendous jump in profits. The Union Cabinet had given in-principle approval for the strategic disinvestment of SCI in November 2020. The privatization of SCI is likely to be completed in the current financial year.
Here is the status of the quarterly results: Shipping Corporation’s net profit for the March 2022 quarter stood at Rs 152.16 crore, registering a growth of 77.42 per cent. Its consolidated net profit stood at Rs 85.76 crore in the March 2021 quarter a year ago. SCI has reported a consolidated profit of Rs.865.22 crore for the full financial year 2021-22. In the financial year 2020-21, this figure was Rs 696.9 crore.
What is the status of income? Its total consolidated income rose to Rs 1,364.62 crore during the January-March 2022 quarter from Rs 900.73 crore in the year-ago period. Its total expenses also increased to Rs 1,223.76 crore for the quarter from Rs 838.57 crore a year ago.
Let us inform that in March last year, the government had received several bids for the privatization of Shipping Corporation of India. The Department of Investment and Public Asset Management (DIPAM) had in December 2020 invited expressions of interest for strategic disinvestment of the government’s entire 63.75 per cent stake in the firm along with transfer of management.