Shipping Corp Share Price Hits Over One-Year Low After Q3 Profit Fall

Shipping Corp. of India's share price declined to the lowest level in over one-year on Monday, as the company's disappointing third quarter performance weighed on investors' sentiment. Shipping Corp's profit was hit by a decline in topline growth and higher finance and employee costs.

The company reported that its consolidated net profit fell 43.8% on the year to Rs 75.5 crore from Rs 134 crore. Finance cost and employee benefit expenses rose 60% and 21%, respectively during the period.

Topline declined 1.9% on the year to Rs 1,316 crore during October–December, from Rs 1,341 crore. Ebitda declined 14.3% on the year to Rs 357 crore from Rs 417 crore. Shipping Corp of India's margin fell 390 basis points.

Shipping Corp. of India's share price fell 7.49% to Rs 177.21, the lowest level since Jan. 20, 2024. They pared loss to trade 5.24% down at Rs 181.52 apiece as of 9:35 a.m., as compared to a 0.51% decline in the NSE Nifty 50.

The stock hit a 52-week high of Rs 384.20 apiece on July 12, 2024. It fell to 52-week low of Rs 177.21 on Feb. 10. The stock declined for three days in a row.

It has declined 14.52% in 12 months. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 36.46.