SHIPPING CORP Announces Quarterly Results (3QFY21); Net Profit Down 63.7%

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SHIPPING CORP Announces Quarterly Results (3QFY21); Net Profit Down 63.7%
Wed, 10 Feb

SHIPPING CORP has announced its results for the quarter ended December 2020. Here is a detailed performance review of the same:

SHIPPING CORP Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m12,5768,4328,412-0.2%-33.1%
Other incomeRs m240337316-6.1%31.7%
TurnoverRs m12,8168,7698,728-0.5%-31.9%
ExpensesRs m7,2965,2976,02413.7%-17.4%
Gross profitRs m5,2803,1352,388-23.8%-54.8%
DepreciationRs m1,6991,5901,564-1.6%-7.9%
InterestRs m79254866-88.0%-91.7%
Profit before taxRs m3,0291,3341,074-19.5%-64.5%
TaxRs m184234182.2%-77.7%
Profit after taxRs m2,8451,3111,033-21.2%-63.7%
Gross profit margin%42.037.228.4
Effective tax rate%6.11.73.8
Net profit margin%22.215.011.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 33.1% on a year-on-year (YoY) basis. The expenses were down by 17.4% YoY during the same period.
  • The company's operating profit declined by 54.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.4% in 3QFY21 as against 42.0% in 3QFY20.
  • Depreciation charges declined by 7.9% and finance costs declined by 91.7% YoY, respectively.
  • Other income increased by 31.7% YoY during the quarter.
  • Net profit for the quarter declined by 63.7% YoY. Net profit margins during the quarter declined from 22.2% in 3QFY20 to 11.8% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 0.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 13.7% QoQ during the same period.
  • The company's operating profit declined by 23.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.4% in 3QFY21 as against 37.2% in 2QFY20.
  • Net profit for the quarter declined by 21.2% QoQ, while net profit margins declined from 15.0% in 2QFY20 to 11.8% in 3QFY21.

To see how SHIPPING CORP has performed over the last eight quarters,please visit here.

LIVE on April 23rd: Has Covid impacted India's long-term growth potential?

SHIPPING CORP Share Price Performance

Over the last one year, SHIPPING CORP share price has moved up from Rs 59.4 to Rs 84.9, registering a Gain of Rs 25.6 or around 43.0%.

Overall, the S&P BSE SENSEX is up 25.0% over the year.

Current Valuations

At the current price of Rs 84.9, the price to earnings (P/E) ratio of SHIPPING CORP stands at 5.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.5 times.

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Related Views on News

SHIPPING CORP. Announces Quarterly Results (1QFY20); Net Loss Down 80.9% (Quarterly Result Update)

Aug 19, 2019 | Updated on Aug 19, 2019

For the quarter ended June 2019, SHIPPING CORP. has posted a net loss of Rs 394 mn. Sales on the other hand came in at Rs 9 bn (up 4.3% YoY). Read on for a complete analysis of SHIPPING CORP.'s quarterly results.

SHIPPING CORP. Announces Quarterly Results (4QFY19); Net Profit Down 81.9% (Quarterly Result Update)

May 30, 2019 | Updated on May 30, 2019

For the quarter ended March 2019, SHIPPING CORP. has posted a net profit of Rs 460 m (down 81.9% YoY). Sales on the other hand came in at Rs 10 bn (up 11.1% YoY). Read on for a complete analysis of SHIPPING CORP.'s quarterly results.

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