Shipping Corporation of India Ltd's Q2FY19 standalone net loss widens to Rs143cr yoy

The company’s standalone revenue stood at Rs940cr, up 16.3% yoy and 5.1% qoq

Nov 03, 2018 08:11 IST India Infoline Research Team

Shipping Corporation of India Ltd Q2FY19

Standalone Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 939.80 16.3
EBITDA Loss 9.83 0.0
EBITDA Margin (%) -1.1 NA
Net Loss (adjusted) 142.50 NA
***EBITDA margin change is bps

Shipping Corporation of India Ltd (SCI) reported a loss in Q2FY19 despite profits from vessel sales. Revenue rose by 16.3% yoy to Rs940cr. EBITDA loss stood at Rs10cr, against a profit of Rs125cr in Q2FY18. Net Loss stood at Rs143cr for the quarter, against a loss of Rs76cr in Q2FY18.
  • During the quarter the company sold one tanker and 2 LPG carriers. The profit from the sale of these assets stood at Rs90.5cr (included in other income).
  • Total net debt at the end of H1FY19 stood at Rs3,482cr.
  • Forex loss for the quarter stood at Rs185cr, bringing the total forex loss for H1FY19 to Rs338cr.
  • Segmental revenue for the quarter was as follows:
    • Liner                               Rs140.8cr       (down 13.7% yoy)
    • Bulk Carrier                    Rs169.4cr       (up 80.9% yoy)
    • Tanker                            Rs574cr      (up 14.4% yoy)
    • Technical & Offshore     Rs53.2cr         (up 13% yoy)
    • Others                            Rs2.2cr          (down 3.1% yoy)
  • Segmental EBIT for the quarter was as follows:
    • Liner (loss)                             Rs19.3cr       (against a profit of Rs4.6cr)
    • Bulk Carrier                           Rs27.8cr       (against a loss of Rs21.7cr)
    • Tanker                                    Rs10.9cr          (against a loss of Rs10.1cr)
    • Technical & Offshore (loss)          Rs3.7cr         (against a loss of Rs0.6cr)
    • Others (loss)                                 Rs3cr         (against a profit of Rs0.8cr)

Technical View:

Shipping Corporation of India Ltd ended at Rs. 45.35, up by 0.45 points or 1% from its previous closing of Rs. 44.90 on the BSE.
The scrip opened at Rs. 44.75 and touched a high and low of Rs. 46 and Rs. 44.60 respectively. A total of 6,22,185 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.

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