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Our Bureau

Mumbai , July 21

VARUN Shipping has reported a 135 per cent increase in net profit during the first quarter of the current fiscal to touch Rs 7.29 crore, against Rs 3 crore in the corresponding period last fiscal.

Better utilisation of the company's fleet and buoyancy in freight market were the chief drivers for increase in profit.

During the quarter, the company recorded a freight revenue of Rs 79.84 crore against Rs 67.83 crore in the first quarter last fiscal.

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