*Shipping Corporation of India Ltd.* | *CMP* Rs. 192 | *M Cap* Rs. 8943 Cr | *52 W H/L* 385/163 (Nirmal Bang Retail Research) *Result has declined* Revenue from Operations came at Rs. 1315.6 Cr (-9.3% QoQ, -1.9% YoY) vs QoQ Rs. 1450.8 Cr, YoY Rs. 1340.7 Cr EBIDTA came at Rs. 368.3 Cr (-30.9% QoQ, -11.7% YoY) vs QoQ Rs. 532.6 Cr, YoY Rs. 416.9 Cr EBITDA Margin came at 28% vs QoQ 36.7%, YoY 31.1% Adj. PAT came at Rs. 75.5 Cr vs QoQ Rs. 291.4 Cr, YoY Rs. 134.4 Cr Quarter EPS is Rs. 1.6 Stock is trading at P/E of 9.3x TTM EPS