This multibagger PSU stock gains up to 7% after good Q1 show; stock gains 169% in 1 year

Shipping Corporation of India (SCI) shares in Monday's session (August 12) climbed up to 7 per cent at day's high to Rs 275.35 after the PSU reported good Q1 earnings. For the reporting quarter, the company's consolidated profit stood at Rs 291 crore, a 69.1 per cent on-year jump. The same was Rs 171 crore in the same quarter last year.

At the last count, shares of the company traded with gains of nearly 5 per cent at Rs 269.1, while in Friday's session shares of the state-run entity closed at Rs 257.35, down mildly by 0.29 per cent. 

The revenue from operations at the company increased 26.1 per cent year-on-year to Rs 1,514 crore. The revenue in the previous quarter and same quarter last year was reported at Rs 1,412 crore and Rs 1,200 crore, respectively.

The margin at the company also climbed from 30.25 per cent in the same quarter last year to 33.6 per cent in Q1FY24.

SCI is a public sector undertaking (PSU) owned by the Government of India (GoI). It's India's largest and most diversified shipping company, operating and managing vessels for national and international lines. The Ministry of Ports, Shipping and Waterways administers SCI, which is headquartered in Mumbai.