V.SANKAR AIYAR & Co.

CHOKSHI & CHOKSHI LLP

Chartered Accountants Chartered Accountants
2-C, Court Chambers, 15/17, Raghavji ‘B’ Bldg., Ground Floor,
35 New Marine Lines, Raghavji Road, Gowalia Tank,
Mumbai - 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No. AAC 8909

Independent Auditors’ Review Report on the Unaudited Standalone Financial Results of The Shipping Corporation of India
Limited for the quarter and nine months ended 31.12.2022, pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors

The Shipping Corporation of India Limited

Iu We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of The Shipping
Corporation of India Limited (the ‘Company’) for the quarter and nine months ended 31.12.2022 (the ‘Statement’),
being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (the ‘Regulation’).

2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board
of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the
Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 (the ‘Act’) read with relevant
rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a
report on the Statement based on our review.

3: We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410,
“Review of Interim Financial Information performed by the Independent Auditor of the Entity” issued by the Institute
of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate
assurance as to whether the Statement is free from material misstatement. A review is limited primarily to inquiries
of the company personnel and analytical procedures applied to financial data and thus provides less assurance than
an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Based on our review conducted and procedure performed as stated in paragraph 3 above, nothing has come to our
attention that causes us to believe that the accompanying Statement of unaudited standalone financial results,
prepared in accordance with recognition and measurement principles laid down in the Indian Accounting Standards
prescribed under Section 133 of the Act, as amended, read with relevant rules issued there under and other
accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms
of Regulation 33 of the Regulations, as amended, including the manner in which it is to be disclosed, or that it
contains any material misstatement.

5. We draw attention to the following matters forming part of the notes to the Statement:

i. Note no.7 on the matter continued since FY 2014-15 regarding payment of Performance Related Pay (PRP) of
Rs.1,103 lakhs vis-a-vis DPE guidelines with respect to computation of profits from core activities and non-
observance of "Bell Curve”. The Company is pursuing the matter with the Ministry of Ports, Shipping and
Waterways for resolution and final decision.

Page 1 of2
 V.SANKAR AIYAR & Co, CHOKSHI & CHOKSHI LLP
Chartered Accountants Chartered Accountants
2-C, Court Chambers, 15/17, Raghavji ‘B’ Bldg., Ground Floor,
35 New Marine Lines, Raghavji Road, Gowalia Tank,
Mumbai - 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No. AAC 8909

ii. Note no.10 regarding the practice of seeking balance confirmations in respect of Trade Receivables, Trade
Payables and Deposits, the process of reconciliation and the management's assertion that it would not have any
material difference affecting the financial results.

iii. Note no.11 regarding the status of implementation of the demerger scheme for hiving off the identified non-
core assets of SCI to SCILAL and the management’s assertion that the necessary disclosures and accounting
effects of the scheme will be given after receipt of final Order from MCA.

iv. Note no.12 regarding selection of the Company for Strategic Disinvestment process by the Government of India.
The disinvestment process and the procedural aspects in relation to the same are in progress.

Our conclusion on the Statement is not modified in respect of these matters.

For V.Sankar Aiyar & Co. For CHOKSHI| & CHOKSHI LLP
Chartered Accountants Chartered Accountants
FRN— 109208W FRN - 101872W/W100

G.Sankar Kiran Bhoir

Partner Partner
M. No. 046050 M. No. 159960 '
EY
UDIN: 23 olp60SOBGTZTS 2007 UDIN: 23 1S* ICD Bi 2AAZEZ

Place: Mumbai
Date: 03.02.2023

Page 2 of 2
 THE SHIPPING CORPORATION OF INDIA LTD.
CIN : L63030MH1950GO01008033
Regd. off: Shipping House, 245, Madame Cama Road, Mumbai - 400021
Website: www.shipindia.com Phone No : 022 - 22026666

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022

(& in lakhs)

STANDALONE
Sr. s QUARTER ENDED . NINE MONTHS ENDED YEAR ENDED
No. Particulars
31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
(UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED)| (AUDITED)
41 |Revenue from Operations 150,006 142,040 143,126 438,540 368,039 499,455
2 |Other Income 4,009 3,787 2,497 11,345 §,395 10,404
3 |Total Income (1+2) 154,015 145,827 145,623 449,885 373,434 509,859
4 [Expenses
Cost of services rendered 86,868 88,447 83,231 270,410 209,381 290,048
Employee benefits expense 14,101 11,289 10,655 32,197 32,816 48,542
Finance costs 3,790 4,681 1,688 13,462 8,160 15,770
Depreciation and amortisation expense 19,481 19,047 15,889 55,748 47,543 63,544
Other expenses 5,276 10,068 2,697 27,207 5,816 8,137
Total expenses (4)— 126,516 133,532 114,160 399,024 303,716 426,041
5 [Profit/(Loss) before exceptional items and tax (3-4) 27,499 12,295 31,463 50,861 69,718 83,318
6 |Exceptional items - - - - « =
7 |Profit/(Loss) before tax (5-6) 27,499 12,295 31,463 50,861 69,718 83,818
8 |Tax expense - : J
Gurrent tax 1,625 1,208 1,132 4,042 3,306 4,230
Tax pertaining to earlier years 4 2 “ 5 4 104
Deferred tax - = 1,300 * ‘ 3
Total tax expense (8) - 1,626 1,211 2,432 4,047 3,310 4,339
9 |Profit/(Loss) for the period (7-8) 25,873 11,084 29,031 46,814 66,408 79,479
10 |Other comprehensive income
items that will not be reclassified to profit or loss:
Remeasurements gain/(loss) of defined benefit plans (5) 578 193 1,134 1413 1,447
Other comprehensive income for the period, net of tax (10) (5) 578 193 1,134 1,413 1,447
41 {Total comprehensive income for the period (9+10) 25,868 11,662 29,224 47,948 67,821 80,926
12 |Paid Up Equity Share Capital (Face value Rs.10 each) 45,580 46,580 46,580 46,580 46,580 46,580
13 |Other Equity excluding Revaluation Reserves - > - - - 823,384
14 |Earmings per equity share (not annualised)
(1) Basic earnings per share (in =) §.55 2.38
(2) Diluted earnings per share (in =) 5.55 2.38
Segment-wise Revenue, Results, Assets and Liab (@ in lakhs)
STANDALONE

Sr. QUARTER ENDED NINE MONTHS ENDED YEAR ENDED

No. PARTICULARS
31.12.2022 30.09.2022 31.12.2021 34.12.2022 | 34.12.2021 31.03.2022
(UNAUDITED) | (UNAUDITED) | (UNAUDITED)|(UNAUDITED)|(UNAUDITED)| (AUDITED)
1 |Segment Revenue
i. Liner 22,673 33,199 43,426 93,958 101,786 146,914
ii, Bulk Carrier 18,966 22,538 30,675 66,546 89,997 115,299
ii, Tanker 100,612 79,008 61,038 256,291 152,528 205,021
iv. Technical & Offshore 8,740 B,324 8,399 24,767 23,641 32,690
v. Others 383 295 246 959 746 1,275
Total 161,374 143,364 443,784 442,521 368,698 501,199
Unallocated Revenue 542 736. 421 1,835 946 1,404
Total 151,916 144,100 144,205 444,356 369,644 502,603
2 |Segment Results
Profit(Loss) before Tax and Interest
i. Liner (7131) 8,622 18,044 3,063 43,483 61,227
il, Bulk Carrier 2,620 5,340 15,369 20,389 46,414 57,049
ili. Tanker 35,039 9,177 (2,501) 51,216 (16,766) (28,315)
iv. Technical & Offshore 812 (1,287) 691 410 742 2,062
v. Others (4) (135) (135) (281) (334) (255)
Total 31,339 21,717 31,468 74,797 73,539 91,768
Add; Unallocated income (Net of expenditure) (2,149) (6,468) 265 (16,003) 549 564
Profit before Interest and Tax 29,190 15,249 31,733 58,794 74,088 92,332
Less: Interest Expenses
|. Liner 41 1 4 3 4 5
. Bulk Carrier 498 462 220 1,344 730 1,069
Tanker 499 507 192 1,530 967 1,761
iv. Technical & Offshore 241 244 120 726 502 820
v. Others = : : = e :
Total Segment Interest Expense 1,239 1,214 533 3,573 2,203 3,655
Unallocated Interest expense 2,551 3,467 1,155 9,889 5,957 12,115
Total Interest Expense 3.790 4,681 1,688 13,462 8,160 45,770
Add: Interest Income 2,099 1,727 1418 §,529 3,790 7.256
Profit/(Loss) before Tax 27,499 12,295 31,463 50,861 69,718 83,818
3 |Segment Assets
i. Liner 41,291 44,976 52,570. 41,291 52,570 47,680
li, Bulk Carrier 187,368 177,089 156,674 187,368 156,674 156,649
lil. Tanker 570,027 564,890 553,832 570,027 553,832 556,647
iv. Technical & Offshore 156,125 163,187 482,683 156,125 152,683 151,345
v. Others 1,561 1,493 1,537 1,561 1,537 1,549
Total Segment Assets 956,372 951,635 917,296 956,372 917,296 913,870
Unallocable Assets 450,706 441,006 451,956 450,706 451,956 471,636
Total Assets 1,407,078 1,392,644 4,369,252 1,407,078 1,369,252 1,385,506
4 |Segment Liabilities
i. Liner 51,028 55,626 49,890 51,028 49,890, 43,732
ii, Bulk Carrier 77,670 71,695 58,170 77,670 58,170 61,072
lil. Tanker 84,457 86,437 82,121 84,457 82,121 89.511
iv. Technical & Offshore $3,329 53,437 58,229 53,329 58,229. 58,608
v. Others 445 666 523 445 523, 301
Total Segment Liabilities 266,929 267,861 248,933 266,929 248,933 253,224
Unallocable Liabilities 223,775 234,273 263,460 223,775 263,460. 262,318
Total Liabilities 490,704 502,134 §12,393 490,704 512,393. 515,542
 The above standalone financial results were reviewed and recommended by the Audit Committee and
approved by the Board of Directors at their respective meetings held on 03.02.2023.

The Joint Statutory Auditors of the Company have carried out the limited review of the standalone
financial results for the quarter and nine months ended 31.12.2022, pursuant to the requirements of
Regulation 33 of the SEBI (LODR) Regulations, 2015 (as amended from time to time).

The standalone financial results of the Company have been prepared in accordance with the
recognition and measurement principles laid down in the Indian Accounting Standards (Ind AS) as
prescribed under Section 133 of the Companies Act 2013, read with Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles
generally accepted in India.

Segment Results:
a. Segment definitions: Liner segment includes break-bulk and container transport. Bulk
Carriers include dry bulk carriers. Tankers segment includes crude and product carriers, gas
carriers. TROS segment includes company owned offshore vessels and vessels (passenger
vessels, research vessels and offshore vessels) managed on behalf of other organisations and
income from technical consultancy services. Others segment include income earned from
Maritime Training Institute. Unallocable items including interest expense to the extent
unallocable and interest income are disclosed separately.
b. Agent Advances are allocated to segments in the ratio of payable to the agents.

The Company holds 49% in lrano Hind Shipping Company, P.J.S. (IHSC) a joint venture company. As per
the directives received from the Government of India, it has been agreed to dissolve the Company.
Therefore, investment in IHSC was classified as ‘held for sale’. Subsequently, pursuant to the Demerger
Scheme, Investment in IHSC and corresponding liabilities associated with it is considered as Non-core
Asset in terms of Demerger Scheme and accordingly the same has been reclassified as “Non-core
assets / liabilities held for Demerger” with reference to note no. 11 mentioned below.

The Company raised funds through Follow-on Public Offering (FPO) on 15.12.2010 and had utilized
100% of funds as contemplated under the objects clause of the issue set out in prospectus. However,
due to default of shipyards, the Company rescinded four shipbuilding contracts and received Rs.33,065
lakhs as refund from shipyards. The shareholders approved the proposal to redeploy the said sum for
acquisition of any such vessels or towards the balance payments remaining due for tonnage acquisition
vide their resolution passed through postal ballot on 17.02.2017. The Company has utilised Rs.19,680
lakhs out of the above and the balance of Rs.13,385 lakhs has been earmarked for further utilisation as
per the aforesaid resolution.

. The matter of payment of Performance Related Pay (PRP) of Rs.1,103 lakhs vis-a-vis DPE guidelines
w.r.t. computation of profits from core activities and non-observance of "Bell Curve” is continued since
the FY 2014-15. The Action Taken Notes (ATNs) furnished by the Ministry of Ports, Shipping and
Waterways (MoPSW) are yet to be examined by Committee of Public Undertakings. The Company is
instructions for resolution
8. The foreign exchange (gain)/loss for the respective periods is recognised as under:
(Rs. in Lakhs)

YEAR
QUARTER ENDED NINE MONTHS ENDED ENGED

Particulars
31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 | 3, 93 9999
(UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) —
(AUDITED)
(A) Finance Cost * 283 1,849 151 5,332 3,434 9,227

(8)Income
Giher Exeneat dhet 3,093*** 8,447 (157) 20,805*** (222) 214
Total [(A) +(B)] - Total Forex
(Gain}/Loss [Net] 3,376
2 ,
10,296 (6)6 26,6,137 3,212
5 9,441

*As per para 6(e) and in the manner of arriving at the adjustment given in para GA of Ind AS 23, the
exchange difference arising from foreign currency borrowings to the extent they are regarded as an
adjustement to interest cost are adjusted to the Finance Cost.
**The remaining foreign exchange (gain)/loss after above adjustment is included in “Other Expenses
/ Other Income”.
*** Other Expenses for the quarter and nine months ended 31.12.2022 shown as Rs.5,276 lakhs and
Rs.27,207 lakhs is inclusive of foreign exchange loss of Rs.3,093 lakhs and Rs.20,805 lakhs
respectively.

9. Considering the volatility of the shipping business and the evaluation mechanism for Performance
Related Pay (PRP), as per past practice, provision for the same is made in the last quarter of the
financial year after taking into account the PRP related parameters.

1G. The Company has the practice of seeking confirmations of balances from all the parties in respect of
the Trade Receivables, Trade Payables and Deposits. While the reconciliation is an on-going process,
the management does not expect any material difference affecting the financial results due to the
same.

T The Demerger Scheme (‘the Scheme’) for hiving off the identified Non-core assets had been approved
by the SCI Board on 03.08.2021. Pursuant to instructions of Ministry of Ports, Shipping and Waterways
(MoPSW), the Company incorporated a 100 % subsidiary viz. Shipping Corporation of India Land and
Assets Limited (SCILAL) on 10.11.2021 for the demerger of Non-core assets in terms of the Scheme.
The Board of SCILAL approved the Scheme on 16.11.2021. The Scheme had been approved by the stock
exchange vide approval dated 02.03.2022.

Subsequent to the approval of Scheme by the Boards of SCI as well as SCILAL, assets and liabilities to be
transferred to SCILAL have been categorised as “Non-core Assets / Liabilities Held for Demerger” and
consequential impact had been given in Profit and Loss account w.r.t reversal of amortisation of
deferred tax liability, depreciation and foreign exchange loss during the quarter ended 31.12.2021.

The Board of Directors of the Company in its meeting held on 06.05.2022, has approved certain
 Scheme has the approval of DIPAM, MoPSW and by the SCILAL Board at its meeting held on
25.05.2022 and was filed with stock exchanges and Ministry of Corporate Affairs (MCA). Further to
filing of First Motion Petition, the MCA vide its Order dated 01.09.2022, directed the Company to
convene the Meetings of the Shareholders, Secured and Unsecured Creditors.

The Revised Demerger Scheme was duly approved by requisite number of Shareholders, Secured and
Unsecured Creditors of the Company in accordance with aforesaid MCA Order. Subsequently, the
Company filed the Second Motion Petition requesting further orders from the MCA on 21.10.2022,
pursuant to which MCA had called for final hearing on 29.12.2022 and directed SCI to provide
responses to the Objections. The Company has submitted the responses and the final Order of MCA is
currently awaited. The accounting effects of the Demerger Scheme will be given after receipt of final
Order from MCA.

Ds, The proposed strategic disinvestment of SCI is being handled by Department of Investment and Public
Asset Management (DIPAM) with the engagement of necessary advisors. In this regard Preliminary
Information Memorandum (PIM) for inviting expression of interest was released on 22.12.2020, The
Virtual Data Room is open and is being managed by the Transaction Advisor for the process of due
diligence by the Qualified Interested Parties.

13 . The figures of the previous year/ period have been regrouped or rearranged wherever necessary to
conform to current year/ period’s presentations.

For The Shipping Corporation of India Limited

Pataca =
Capt. B.K. Tyagi

Chairman & Managing Director,

Place: Mumbai Director (Liner& Passenger Services) (Addl. Charge) &
Director (Personnel & Administration) (Addl. Charge)
DIN — 08966904
 V.SANKAR AIYAR & Co. CHOKSHI & CHOKSHI LLP
Chartered Accountants Chartered Accountants
2-C, Court Chambers, 15/17, Raghavji ‘B’ Bldg., Ground Floor,
35 New Marine Lines, Raghavji Road, Gowalia Tank,
Mumbai - 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No. AAC 8909

Independent Auditors’ Review Report on the Unaudited Consolidated Financial Results of The Shipping Corporation of
India Limited for the quarter and nine months ended 31.12.2022, pursuant to the Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors

The Shipping Corporation of India Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of The Shipping Corporation
of India Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred
to as the “Group”), and its share of the net profit/(loss) after tax and total comprehensive income of its joint ventures for
the quarter and nine months ended 31.12.2022 (the “Statement”), being submitted by the Holding Company pursuant to
the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (the “Regulations”).

2. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding
Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid
down in the Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with
relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue
a report on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review
of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered
Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to
whether the Statement is free from material misstatement. A review is limited primarily to inquiries of the company
personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have
not performed an audit and accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the SEBI Circular No. CIR/CFD/CMD1/44/2019 dated 29.03.2019 under
Regulation 33(8) of the Regulations, as amended, to the extent applicable.

4, The Statement includes the results of the following entities:

(A) The Shipping Corporation of India Limited (“the Holding Company”)

(B) Subsidiaries:
i, Inland and Coastal Shipping Ltd.
ii. Shipping Corporation of India Land and Assets Ltd.

(C) Joint Ventures:

i. India LNG Transport Co. No. 1 Ltd. (ILT 1)
ii. India LNG Transport Co. No. 2 Ltd. (ILT 2)
iii. India LNG Transport Co. No. 3 Ltd. (ILT 3)
iv. India LNG Transport Co. No. 4 Pvt. Ltd. (ILT 4)
 V.SANKAR AIYAR & Co. CHOKSHI & CHOKSHI LLP
Chartered Accountants Chartered Accountants
2-C, Court Chambers, 15/17, Raghavji ‘B’ Bldg., Ground Floor,
35 New Marine Lines, Raghavji Road, Gowalia Tank,
Mumbai - 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No. AAC 8909

5. Based on our review conducted and procedure performed as stated in paragraph 3 above, and based on the consideration
of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes
us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles
laid down in the Indian Accounting Standards specified under Section 133 of the Act, as amended, read with relevant rules
issued there under and other accounting principles generally accepted in India, has not disclosed the information required
to be disclosed in terms of Regulation 33 of the of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. We draw attention to the following matters forming part of the notes to the Statement:

i, Note no.9 on the matter continued since FY 2014-15 regarding payment of Performance Related Pay (PRP) of
Rs.1,103 lakhs vis-a-vis DPE guidelines with respect to computation of profits from core activities and non-
observance of "Bell Curve”. The Company is pursuing the matter with the Ministry of Ports, Shipping and
Waterways for resolution and final decision.

ii. Note no.12 regarding the practice of seeking balance confirmations in respect of Trade Receivables, Trade
Payables and Deposits and the process of reconciliation and the management's assertion that it would not have
any material difference affecting the financial results.

iii. Note no.13 regarding the status of implementation of the demerger scheme for hiving off the identified non-core
assets of SCI to SCILAL and the management's assertion that the necessary disclosures and accounting effects of
the scheme will be given after receipt of final Order from MCA.

iv. Note no.14 regarding selection of the Company for Strategic Disinvestment process by the Government of India,
The disinvestment process and the procedural aspects in relation to the same are in progress.

Our conclusion on the Statement is not modified in respect of these matters.

7. We did not review the financial results of two subsidiaries included in the unaudited consolidated financial results, whose
interim financial results reflect total revenues of Rs.(0.07) lakhs and Rs.5.89 lakhs for the quarter and nine months ended
31.12.2022, total net profit/(loss) after tax of Rs.(8.49) lakhs and Rs.(53.63) lakhs for the quarter and nine months ended
31.12.2022, total comprehensive income of Rs.(8.49) lakhs and Rs.(53.63) lakhs for the quarter and nine months ended
31.12.2022 respectively, as considered in the unaudited consolidated financial results, have been reviewed by other
auditors, whose report has been furnished to us by the Holding Company’s Management and our conclusion on the
Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely
on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.

The unaudited consolidated financial results also include the Group’s share of net profit after tax of Rs.2,089 lakhs and
Rs.5,049 lakhs for the quarter and nine months ended 31.12.2022 and total comprehensive income of Rs.412 lakhs and
Rs.7,387 lakhs for the quarter and nine months ended 31.12.2022 as considered in the unaudited consolidated financial
results, in respect of four joint ventures, whose interim financial results have not been reviewed by us. Out of these four
joint ventures which are included in the interim financial results two have been certified by the management and two
have been reviewed by the other auditors and our conclusion on the Statement, in so far as it relates to the amounts and
disclosures included in respect of these joint ventures, is based solely on the management certified financial results in

Page 2 of 3
 V.SANKAR AIYAR & Co. CHOKSHI & CHOKSHI LLP
Chartered Accountants Chartered Accountants
2-C, Court Chambers, 15/17, Raghavji ‘B’ Bldg., Ground Floor,
35 New Marine Lines, Raghavji Road, Gowalia Tank,
Mumbai - 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No. AAC 8909

case of two joint ventures and based on the reports of other auditors for the other two joint ventures and the procedures
performed by us as stated in paragraph 3 above.

In respect of joint ventures which are located outside India, financial results have been prepared in accordance with
accounting principles generally accepted in the respective countries of incorporation. The Holding Company’s
Management has converted these financial results of such joint ventures located outside India from accounting principles
generally accepted in the respective countries to accounting principles generally accepted in India. We have reviewed
these conversion adjustments made by Holding Company’s management. Our report in so far as it relates to the two joint
ventures, is based on the management certified financial results and for the remaining two joint ventures, based on the
reports of the other auditors and the conversion adjustments prepared by the management of the Holding Company and
reviewed by us.

Our conclusion on the Financial Results is not modified in respect of the above matters.

For V.Sankar Aiyar & Co. For CHOKSHI & CHOKSHI LLP
Chartered Accountants Chartered Accountants
FRN —109208W FRN - 101872W /W100045

Spano
G.Sankar ce.
Partner Partner
M. No, 046050 M. No. 159960
UDIN: 22 oPooL0 RG TZAT S TOL
Place: Mumbai
Date: 03.02.2023

Page 3 of3
 THE SHIPPING CORPORATION OF INDIA LTD.
CIN ; L63030MH1950G01008033
Regd. off: Shipping House, 245, Madame Cama Road, Mumbai - 400021
Website: www.shipindia.com Phone No : 022 - 22026666

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022

(& in lakhs)
CONSOLIDATED
Sr. QUARTER ENDED NINE MONTHS ENDED YEAR ENDED
No. Particulars
31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
(UNAUDITED) | (UNAUDITED) | (UNAUDITED) |(UNAUDITED)| (UNAUDITED)| (AUDITED)
1 [Revenue from Operations 150,006 142,040 143,126 438,546 368,040 499,493
2 [Other Income 4,024 3,787 2,497 11,374 5,395 10,405
3 [Total Income (1+2) 154,030 145,827 145,623 449,920 373,435 509,898
4 |Expenses
Cost of services rendered 86,890 88,473 83,258 270,493 209,458 290,168
Employee benefits expense 11,104 11,289 10,655 32.197 32,816 48,542
Finance costs 3,790 4,681 1,688. 13 462 8,160 15,770
Depreciation and amortisation expense 19,481 19,047 15,889 55.748 47,543 63,544
Other expenses 5.27% 10,071 2,697 27.213 5,817 8,145
Total expenses (4) 126,539 133,561 114,187 399,113 303,794 426,169
5 |Profiti(Loss) before exceptional items, share of net profits of
investments accounted for using equity method and tax (3-4) 27,491 12,266 31,436 50,807 69,641 83,729
6 |Share of net profit/(loss) of joint ventures accounted for using equity
method 2,089 1,383 2,150 5,049 4,974 7,132
7 |Profiti(Loss) before exceptional items and tax (5+6) 29,580 13,649 33,586 55,856 74,615 90,861
8 |=xceptional items = = > = - =
9 |Profit/(Loss) before tax (7-8) 29,580 13,649 33,586 55,856 74,615 90,861
10 |Tax expense
Current tax 1,625 1,209 1,132 4,042 3,306 4,230
Tax pertaining to earlier years 1 2 - 5 4 104
Deferred tax - - 1,300 4 2 5
Total tax expense (10) 1,626 4,271 2,432 4,047 3,310 4,339
11 |Profiti(Loss) for the period (9-10) 27,954 12,438 31,154 51,809 71,305 86,522
12 |Other comprehensive income
ltems that will not be reclassified to profit or loss:
Remeasurements gain/(loss) of defined benefit plans (5) 578 193 1,134 1,413 1,447
Share of OCI ofjoint ventures, netoftax 412 3.175 696 7,387 1,859 6,128
Other comprehensive income for the period, net of tax (12) 407 3,753 889 8,521 4,272 7,575
43 |Total comprehensive income for the period (11+12) 28,361 16,191 32,043 60,330 74,577 94,097
14 |Paid Up Equity Share Capital (Face value Rs.10 each) 46,580 46,580 46,580 46,580 46,580 46,580
15 |Other Equity excluding Revaluation Reserves - - - - - 863,106
16 |Earnings per equity share (not annualised)
(1) Basic earnings per share (in &) 6.00 2.67 6.69
(2) Dilu' ings per share (in =) 6.00 2.67 6.69
Segment-wise Revenue, Results, Assets and Liabilities | (& in lakhs)
CONSOLIDATED

ae PARTICULARS QUARTER ENDED NINE MONTHS ENDED YEAR ENDED

‘ 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2024 31.03.2022

(UNAUDITED)| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (AUDITED)
1 |Segment Revenue
i. Liner 22,673 33,199 43,426 93,958 101,786 146,914
i , Bulk Carrier 18,966 22,538 30,675 66.546 89,997 115,299
i. Tanker 100,612 79,008 61,038 256,291 152,528 205,021
. Technical & Offshore 8,740 8.324 8,399 24,767 23,641 32,690
v. Others 383 295 246 959 746 1,275,
Total 154,374 143,364 143,784 442,521 368,698 501,199
Unallocated Revenue 557, 136 421 1,870 947 1,443
Total 151,934 144,100 144,205 444,391 369,645 502,642
2 |Segment Results
Profit(Loss) before Tax and Interest
i. Liner (7,131) 8.622 18,044 3,063 43,483 61,227
fi, Bulk Carrier 2,620 5,340 15,369 20,389 46.414 57,049
iii. Tanker 35,039 Q177 (2,501) 54,216 (16,766) (28,315)
iv. Technical & Offshore e12 (1,287) 691 410 742 2,062
v. Others (i) (135) (135) (281) (334) (255)
Total 31,339 21,717 31.468 TA TOT 73,539 91,768
Add: Unallocated income (Net of expenditure) (68) (5,114) 2,388 (14,008) 5,446 7,607
Profit before Interest and Tax 34,271 16,603 33,856 63,789 78,985 99,375.
Less: Interest Expenses
i Liner 1 1 1 3 4 5
i, Bulk Carrier 498 462 220 1,314 730 1,069
iii, Tanker 499 507 192 1,530 967 1,761
iv. Technical & Offshore 241 244 120 726 502 820
v, Others = - - - = -
Total Segment Interest Expense 1,239 1.214 533 3.573 2.203 3,655
Unallocated Interest expense 2,551 3,467 1,155 9,889 5,957 42,115
Total Interest Expense 3,790 4,681 1,688 13,462 8,160 15.770
Add: Interest Income 2,099 Ti2t 1,418 5,529 3,790 7,256
Profit/(Loss) before Tax 29,580 13,649 33,586 55,856 74,615 90,861
3 |Segment Assets
i, Liner 41,291 44,976 52,570 44,291 52,570 47,680
ii, Bulk Carrier 187,368 177,089 156,674 187,368 156,674 156,649
ili. Tanker 570,027 564.890 653,832 570,027 563,832 556,647
iv. Technical & Offshore 156,125 163,187 152,683 456,125 152,683 151,345
v. Others 4,561 1,493 1,537 1,561 1,537. 1,549,
Total Segment Assets 956,372 951,635 917,296 956,372 917,296 913,870
Unallocable Assets 502,867 490.673 485,303 502,867 485,303 511,404
Total Assets 1,459,239 1,442,308 1,402,599 1,459,239 1,402,599 1,425,274
4 |Segment Liabilities
i Liner 51,028 55,626 49,890 51,028 49,890 43,732
ji, Bulk Carrier 77,670. 71,695 58,170 77.670 58,170 61,072
iii. Tanker 84,457 86,437 82,121 84,457 82,121 89,514
iv. Technical & Offshore 53,329 53,437 58,229 53,329 58,229 58,608
v. Others 445 666. 523 445 523 304
Total Segment Liabilities 266,929 267,861 248,933 266,929 248,933 253,224
Unallocable Liabilities 223,833 234,329 263,500 223,833 263,500. 262,364
Total Liabilities 490,762 502,190 512,433 490,762 $12,433 515,588

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The above consolidated financial results were reviewed and recommended by the Audit
Committee and approved by the Board of Directors at their respective meetings held on
03.02.2023.

The Joint Statutory Auditors of the Company have carried out the limited review of the
consolidated financial results for the quarter and nine months ended 31.12.2022, pursuant to the
requirements of Regulation 33 of the SEB! (LODR) Regulations, 2015 (as amended from time to
time).

The consolidated financial results relates to The Shipping Corporation of India Ltd. (“the
Company”), its Subsidiaries and Joint Ventures (together referred to as the "Group"). The
following Subsidiaries and Joint Ventures have been considered for the purpose of consolidation
in accordance with Ind AS 110 - Consolidated Financial Statements:
Subsidiaries —
Inland & Coastal Shipping Ltd. (ICSL)
Shipping Corporation of India Land and Assets Ltd. (SCILAL)
Joint Ventures -
India LNG Transport Company (No.1) Ltd. (ILT 1)
India LNG Transport Company (No.2) Ltd. (ILT 2}
India LNG Transport Company (No.3) Ltd, (ILT 3)
India LNG Transport Company (No.4) Pvt. Ltd. (ILT 4)

The aforementioned Subsidiaries follow financial year for preparation of the financial statements
and Joint Ventures follow calendar year for preparation of the financial statements. The financial
results of ILT 3 and ILT4 for the quarter ended 31.12.2022 have been reviewed by their respective
auditors and in respect of ILT 1 and ILT 2 financial results are certified by management.

The consolidated financial results of the group have been prepared in accordance with the
recognition and measurement principles laid down in Indian Accounting Standards (“Ind AS”) as
prescribed under Section 133 of the Companies Act 2013, read with Rule 3 of the Companies
(Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting
principles generally accepted in India.

Segment Results:
a. Segment definitions: Liner segment includes break-bulk and container transport. Bulk
Carriers include dry bulk carriers. Tankers segment includes crude and product carriers,
gas carriers. T&OS segment includes company owned offshore vessels and vessels
(passenger vessels, research vessels and offshore vessels) managed on behalf of other
organisations and income from technical consultancy services. Others segment include
income earned from Maritime Training Institute. Unallocable items including interest
expense to the extent unallocable and interest income are disclosed separately.
b. Agent Advances are allocated to segments in the ratio of payable to the agents.
 The Company holds 49% in Irano Hind Shipping Company, P.J.S. (IHSC) a joint venture company.
As per the directives received from the Government of India, it has been agreed to dissolve the
Company. Therefore, investment in |HSC was classified as held for sale and not considered for
consolidation. Subsequently, pursuant to the Demerger Scheme, Investment in IHSC and
corresponding liabilities associated with it is considered as Non-core Asset in terms of Demerger
Scheme and accordingly the same has been reclassified as “Non-core assets / liabilities held for
Demerger” with reference to note no. 13 mentioned below.

The Company raised funds through Follow-on Public Offering (FPO) on 15.12.2010 and had
utilized 100% of funds as contemplated under the objects clause of the issue set out in
prospectus. However, due to default of shipyards, the Company rescinded four shipbuilding
contracts and received Rs.33,065 lakhs as refund from shipyards. The shareholders approved the
proposal to redeploy the said sum for acquisition of any such vessels or towards the balance
payments remaining due for tonnage acquisition vide their resolution passed through postal
ballot on 17.02.2017. The Company has utilised Rs.19,680 lakhs out of the above and the balance
of Rs.13,385 lakhs has been earmarked for further utilisation as per the aforesaid resolution.

The matter of payment of Performance Related Pay (PRP) of Rs.1,103 lakhs vis-a-vis DPE
guidelines w.r.t. computation of profits from core activities and non-observance of "Bell Curve”
is continued since the FY 2014-15. The Action Taken Notes (ATNs) furnished by the Ministry of
Ports, Shipping and Waterways (MoPSW) are yet to be examined by Committee of Public
Undertakings. The Company is pursuing the matter with the aforesaid Ministry and awaiting their
further instructions for resolution and final decision in the matter.

10. The foreign exchange (gain)/loss of the Company for the respective periods is recognised as
under:
(Rs.In Lakhs)

QUARTER ENDED NINE MONTHS

ONTHS E ENDED YEAR
Meee
Particul
aun Sears 31.12.2022 | 30.09.2022 | 31.12.2021 | 31.12.2022 | 31.12.2021 | 4, 0, s995
(UNAUDITED) | (UNAUDITED)
NAUDITED | (UNAUDITED) | (UNAUDITED) | (UN AUDITED bl esac
ane

(A) Finance Cost * 283 1,849 151 5,332 3,434 9,227

(rl) Dither Expenses (Otter
Income
3,093*** 8,447 (157) 20,805*** (222) 214
Total [(A) +(B)] - Total Forex
‘aly teeetied 3,376 10,296
} (6)6 26,1
6,137 3,212
: 9,441

*As per para 6(e) and in the manner of arriving at the adjustment given in Para 6A of Ind AS 23,
the exchange difference arising from foreign currency borrowings to the extent they are regarded
as an adjustment to interest cost are adjusted to the Finance Cost.
**The remaining foreign exchange (gain)/loss after above adjustment is included in “Other
Expenses / Other Income”.
 *** Other Expenses for the quarter and nine months ended 31.12.2022 shown as Rs.5,277 lakhs
and Rs.27,213 lakhs is inclusive of foreign exchange loss of Rs.3,093 lakhs and Rs.20,805 lakhs
respectively.

11. Considering
the volatility of the shipping business and the evaluation mechanism for Performance
Related Pay (PRP), as per past practice, provision for the same is made in the last quarter of the
financial year after taking into account the PRP related parameters.

12. The Company has the practice of seeking confirmations of balances from all the parties in respect
of the Trade Receivables, Trade Payables and Deposits. While the reconciliation is an on-going
process, the management does not expect any material difference affecting the financial results
due to the same.

13. The Demerger Scheme (‘the Scheme’) for hiving off the identified Non-core assets had been
approved by the SCI Board on 03.08.2021. Pursuant to instructions of Ministry of Ports, Shipping
and Waterways (MoPSW), the Company incorporated a 100 % subsidiary viz. Shipping
Corporation of India Land and Assets Limited (SCILAL) on 10.11.2021 for the demerger of Non-
core assets in terms of the Scheme. The Board of SCILAL approved the Scheme on 16.11.2021.
The Scheme had been approved by the stock exchange vide approval dated 02.03.2022.

Subsequent to the approval of Scheme by the Boards of SCI as well as SCILAL, assets and liabilities
to be transferred to SCILAL have been categorised as “Non-core Assets / Liabilities Held for
Demerger” and consequential impact had been given in Profit and Loss account w.r.t reversal of
amortisation of deferred tax liability, depreciation and foreign exchange loss during the quarter
ended 31.12.2021.

The Board of Directors of the Company in its meeting held on 06.05.2022, has approved certain
modifications in the Scheme of Arrangement for Demerger of Non-core Assets. Revised Demerger
Scheme has the approval of DIPAM, MoPSW and by the SCILAL Board at its meeting held on
25.05.2022 and was filed with stock exchanges and Ministry of Corporate Affairs (MCA). Further
to filing of First Motion Petition, the MCA vide its Order dated 01.09.2022, directed the Company
to convene the Meetings of the Shareholders, Secured and Unsecured Creditors.

The Revised Demerger Scheme was duly approved by requisite number of Shareholders, Secured
and Unsecured Creditors of the Company in accordance with aforesaid MCA Order. Subsequently,
the Company filed the Second Motion Petition requesting further orders from the MCA on
21.10.2022, pursuant to which MCA had called for final hearing on 29.12.2022 and directed SCI to
provide responses to the Objections. The Company has submitted the responses and the final
Order of MCA is currently awaited. The accounting effects of the Demerger Scheme will be given
after receipt of final Order from MCA.

14, The proposed strategic disinvestment of SCI is being handled by Department of Investment and
Public Asset Management (DIPAM) with the engagement of necessary advisors. In this regard, a
Prelimina
 22.12.2020. The Virtual Data Room is open and is being managed by the Transaction Advisor for
the process of due diligence by the Qualified Interested Parties.

15. The figures of the previous year/ period have been regrouped or rearranged wherever necessary
to conform to current year/ period’s presentations.

For The Shipping Corporation of India Limited

Capt. BK Tyaal ¢ -

Chairman & Managing Director,

Place: Mumbai Director (Liner & Passenger Services) (Addl. Charge) &
Date: 03.02.2023 Director (Personnel & Administration) (Addl. Charge)
DIN — 08966904

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