Shreyas Shipping and Logistics rebounded to a US $3.6 million net profit in the third fiscal quarter from a net loss of about $468,000 in the same period in 2013, driven by a significant growth in the shipping activity that has helped the company become a pan-India feeder line.
Its total income for the quarter has jumped by 18.37%.
"The turnaround in results displays the efficiency of the company. The company expected to perform better, considering the expansion in capacities and support by pragmatic policies of the government to boost economic development of the country," Shreyas Shipping Chairman and Managing Director Ramesh Ramakrishnan said in a press release.
The deploying of newly acquired vessel SSL Gujarat in January this year, on self-operated service along the coastal route has enabled the company to link all ports. The additional tonnage acquired is being adequately deployed and now covers the entire coast line of India, Ramakrishnan said.
With the recent acquisitions, the average fleet age is now reduced to 19 years. The overall debt exposure has also seen a reduction despite the vessel acquisitions. “The strategic decisions taken by the Company over the years has helped in augmenting its growth” added Ramakrishnan.
As regards the wholly owned subsidiary, Shreyas Relay Systems Limited, it is now an Indian coastal regional and liner service provider synergizing and optimizing the asset utilization.
The company is now able to offer direct connectivity from Eastern and Southern India
up to Middle East
, he said. Shreyas has recently launched its direct service from Vizag to Jebel Ali (Dubai).