Shares of Shipping Corporation of India rose 8% on May 10 after the company reported a strong performance in the quarter ended March.
Shares of the company were trading at Rs 100.71 at 9:32 am, up Rs 6.18, or 6.54%. It is up 24% over the past month.
Net profit in the March quarter was Rs 376.9 crore compared to Rs 148 crore a year earlier. Revenue rose 8.3% year-on-year to Rs 1,418.1 crore, while EBITDA increased 42% to Rs 464.5 crore.
Across the four revenue segments, Tankers posted solid year-over-year growth, as did Technology and Offshore. However, revenue from the liner and bulk carrier business decreased compared to last year.
The shipping company’s operating margin rose sharply from 25% to 32.8%.
Also, the board has recommended a dividend of Rs 0.44 per share with a face value of Rs 10, or 4.4% per share, subject to shareholder approval. If declared, the above dividends will be paid within 30 days from the date they are declared at the annual general meeting.
The company made headlines in April after some reports said the government planned to invite financial bids in May for the privatisation of Shipping Corp as it looked to sell the state-run company after years of delays.