Three strikes and out?

State-owned Shipping Corp of India (SCI) is at risk of losing its special autonomous “navratna” status after posting its third straight annual loss.

Government rules say this is the point at which the privileges associated with the tax category are withdrawn.

SCI posted a net deficit of INR 2.74bn ($46.53m), compared to a loss of INR 1.14bn in the previous fiscal year, as shipping markets remained weak.

Revenue edged up to INR 44bn from INR 43.6bn, but container shipping and the bulker and tanker division all turned in a loss.

Navratna status gives SCI the freedom to decide on its own capital expenditure up to INR 10bn.

“My job is to do my work and leave the navratna issue for the government to decide,” chairman and managing director Arun Kumar Gupta told local media.

There was better news for owner in the fourth quarter, however, as it returned to profit of INR 132m, from a loss of INR 2.84bn in the same period of 2013.

Fourth quarter revenue was INR 12.81bn from INR 9.73bn.

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