Shreyas Shipping & Logistics is locked in upper circuit of 20% at Rs 364 on BSE with no sellers seen on the counter, after it reported a more than four-fold jump in net profit at Rs 20.46 crore in June quarter (Q1FY18). The company had logged profit of Rs 4.87 crore in the same quarter of last fiscal year.
Operational revenues during the quarter under review increased 39% to Rs 118 crore from Rs 85 crore in the corresponding quarter of previous fiscal.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) margin improved to 24% in Q1FY18 from 14% in year ago quarter.
“The growth momentum was largely driven by higher volumes and increase in freight rates. The vessel utilisation levels have increased despite increased tonnage,” Shreyas Shipping said in a statement.
Globally, the environment has improved over the second half of the previous year. The charter hire rates and the scrap rates have seen a positive uptrend since the beginning of the year, it added.
Till 10:08 am; a combined 274,578 shares changed hands and there were pending buy orders for 69,000 shares on the BSE and NSE.
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