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GAINS FROM DIVERSIFICATION: (From left) Mr S. Mahesh, Joint Managing Director, Shreyas Shipping & Logistics Ltd; Mr S. Ramakrishnan, Chairman and Managing Director; and Mr Anil Devli, Executive Director, at a press conference in Mumbai on Friday. — Paul Noronha

Mumbai June 1 Shreyas Shipping and Logistics Ltd has registered an 82.57 per cent jump in net profit to Rs 13.20 crore (Rs 7.23 crore) for the quarter ended March 31, 2007. Total income during the period rose by 28.69 per cent to Rs 40.81 crore from Rs 31.71 crore.

Strategy

However, the net profit for the year ended March 31, 2007, dropped by 17.28 per cent to Rs 29.39 crore from Rs 34.47 crore. Total income for the year 2006-07 went up by about 10 per cent to Rs 141.04 crore from Rs 128.15 crore.

"We have maintained our PBT at Rs 34.15 crore in the financial year despite a fall in the charter index by about 32 per cent in 2006 as compared to 2005. This is the result of our deliberate strategy to diversify into the logistics business, thereby insulating the company from the vagaries of the shipping market," said Mr S. Ramakrishnan, Chairman and Managing Director, Shreyas Shipping and Logistics Ltd.

The company has added three container vessels taking its fleet size to seven and increasing its tonnage to 5927 Teus from 4170 Teus. For FY 08, the company intends to rebalance its revenue streams with income from logistics to account for 75 per cent of the total operating income (as against 63.90 per cent now) and the balance 25 per cent from shipping operations (as against 36.10 per cent as of now). The company's shares closed at Rs 122.75 on the BSE on Friday, up 8.05 per cent from the previous close.

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