The Mumbai-listed company posted a quarterly loss of INR477.1m ($8.7m) compared to a larger deficit of INR1.38bn in the corresponding period of 2012.
Revenue, however, fell 43.5% year-on-year to INR453.8m.
The dip in revenue was due partly to a rise in operating costs to INR629m from INR437m a year ago.
The tanker, gas carrier and offshore vessels owner saw a few of its ships arrested in the last few months over unpaid bills.
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