Shipping Corp of India Q1: Net profit declines by 112%

112.52 per cent decline in consolidated net profit to Rs 158.51 crore for the first quarter of the current fiscal. The company had clocked a consolidated net profit of Rs 336.87 crore in the corresponding period a year earlier, according to a regulatory filing.

Its total income declined to Rs 1,048.47 crore in the latest June quarter as against Rs 1,178.43 crore in the year-ago period. The company’s total expenses during the quarter under review increased to Rs 899.25 crore from Rs 846.85 crore in the same period last year.
There is a theory that Indian shipping companies did not take a massive hit during quarantine and this is probably why they are feeling the hit now. But this being said there is no possible way that this is possible. Why only this company is feeling the hit. The question should be asked why the other shipping companies in India aren’t feeling the loss as well.