Shipping Corporation of India (SCI) shares rose over 12% on November 11, making it the top gainer on the Nifty 500 index. The public sector enterprise, which is set for disinvestment, reported a significant rise in its consolidated net profit for Q2 FY24, reaching ₹291.44 Crore.
In the same quarter last year, SCI’s net profit was ₹65.73 Crore, indicating a multi-fold increase year-on-year. Revenue grew by 33% in Q2, reaching ₹1,450 Crore compared to ₹1,093 Crore during the same period the previous year. EBITDA for the quarter more than doubled from the previous year, with margins expanding to approximately 37% from 21.5%.
SCI’s board announced a dividend of ₹0.50 per equity share with a face value of ₹10 each. SCI stands as the largest Indian shipping company and is the only Indian enterprise involved in LNG transportation.
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