Shipping Corp of India (SCI) has unveiled a new chief financial officer amid soaring profit.
Charusheela Gollapalli, the state shipowner’s general manager of corporate accounts & budget, will take over from Natarajan Prakaash Subramanya on 1 January.
She holds a commerce degree from Mumbai University and is an associate member of the country’s Institute of Chartered Accountants.
Gollapalli joined SCI in 1995 as a junior officer.
The company’s mixed fleet produced a net profit of INR 2.9bn ($34.5m) in its second quarter to 30 September, up from INR 407m in the same period a year ago.
Revenue grew to INR 14.5bn from INR 11.6bn, as container ships and bulkers improved their performance.
The rebound in boxship rates, as Houthi attacks disrupted routes, meant the liner division posted pre-tax earnings of INR 839m, up from a loss of INR 693m in 2023.
Tanker and gas carrier profit dipped to INR 1.9bn from INR 2.2bn, while bulkers came in at INR 201m, turning around last year’s loss of INR 36m.
SCI’s stock jumped to record levels in July after a report emerged of a potential joint venture to build VLCCs in India.
The shipping ministry had proposed a tie-up between SCI and the country’s biggest refiner, Indian Oil Corp, on the project, the Mint website reported, citing three sources close to the matter.
But SCI described the claims as rumours and said it sticks to strict rules about disclosing market-moving information.
