Great Eastern Shipping reports Rs 1,197 cr revenue & Rs 468 cr profit in Q1 FY21

August 3, 2020: The biggest Indian shipping liner The Great Eastern Shipping Company reported consolidated revenue of Rs 1,197 crore for the first quarter of fiscal 2020-21, an increase of 54.85 percent from Rs 773 crore for the same period of last year.

The shipping company registered a net profit of Rs 468 crore compared to a loss of 53.96 crore for the same period last year.

G. Shivakumar, chief financial officer & executive director, The Great Eastern Shipping Company, during the earnings call, said, “Coming to the financial results for the first quarter of FY 2021, we had an extremely profitable quarter. In fact, the most profitable quarter since the September 2008 quarter, which was just before the start of the global financial crisis. This quarter was, of course, helped by huge turmoil around the pandemic and which resulted in tanker rates spiking to levels not seen before, at least not in the last 20 years. And therefore, very strong earnings on the tankers.”