Shipping Corporation of India shares dipped as much as 9.12 per cent on Friday after the company registered 72.56 per cent fall in net profit at Rs 55.91 crore for the quarter ended June 30, 2016 against Rs 203.78 crore in the corresponding quarter a year ago. Net sales of the PSU fell by 23.16 per cent year-on-year to Rs 825.29 crore for the quarter under review against Rs 1074.09 crore in the same quarter last year. During April-June period, operating profit of the company fell by 36.28 per cent year-on-year to Rs 249.21 crore against Rs 391.12 crore in the same period last year.
At 3.03 pm, shares of the company were trading 4.31 per cent down at Rs 71.05. The scrip opened the day at Rs 71 and has touched a high and low of Rs 71.50 and Rs 67.45, respectively, in trade so far. Later, shares of the company settled 4.92 per cent down at Rs 70.60. At present, shares of the company were trading at trailing twelve months price-to-earnings ratio of 12.83 against industry P/E of 12.28.
Total expenditure of the company slipped by 11.16 per cent year-on-year to Rs 646.22 crore for the quarter ended June 30, 2016 against Rs 727.42 crore in the corresponding quarter a year ago.
In the past one year, shares of the company fell 1.85 per cent to Rs 74.25 till August 18, whereas BSE Sensex jumped by 1.05 per cent during the same period. The company was established on October 2, 1961, by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation.