Essar Shipping Q1 Results: Net profit rises multi-fold to ₹26 crore; revenue jumps 97%
1 min read 08 Aug 2023, 09:53 PM ISTEssar Shipping Q1 Results: The jump is Profit After Tax (PAT) is calculated to be a whopping 265%
PremiumEssar Shipping Limited released their April to June quarter results on Tuesday and reported a turnaround from a loss of ₹(15.7) crore during the Q1FY23 to ₹26 crore during the quarter ending June 2023. The jump in Profit After Tax (PAT) is calculated to be a whopping 265%. The total revenue of the company jumped 97% year-on-year to ₹48.4 crore from ₹24.5 crore reported during the corresponding quarter last fiscal.
Sequentially, Essar Shipping Limited's net profit declined multifold as it stood at ₹363.4 crore during the quarter ending March 2023. The quarter-on-quarter revenue however jumped 77% from ₹27.2 crore during the previous quarter.
The Earning Per Share (EPS) before exceptional items improved from ₹(2.97) to 0.87 and EPS after exceptional items improved from ₹(0.76) to ₹1.26 during the quarter ending June 2023.
Segment-wise results
Essar Shipping Limited witnessed a significant growth in Fleet operating and chartering business as its profit grew multifold from ₹4.8 crore during Q1FY23 to ₹35.8 crore during the period under review.
“As on 30 June 2023, the net worth of the Group is eroded as it is incurring operating losses for the last several years. The Group has accumulated losses of ₹6,016.06 crore as against share capital and reserves of ₹3359.87 crore and the Group's current liabilities exceed its current assets. The Holding Company has given Tug on a Bare-boat charter basis and earned operating income from the same," the company said in the filing with the Bombay Stock Exchange (BSE).
“Further, the Holding Company is also providing Management services to its Subsidiary Company during the quarter. Also, the group is taking steps to rectify the mismatch between current assets and liabilities during the year. In view of these, the Financials have been prepared on a Going Concern basis," it added.
The shares of Essar Shipping were 1.54% up on Tuesday's close at ₹11.2 apiece
