In the financial year ended 31 March 2012, the Mumbai-listed company posted net profit of INR1.43bn ($26.66m) compared to a profit of INR2.66bn a year ago.
Revenue for the year rose to INR20.16bn from INR16.62bn in the previous year.
On the tanker market, GE Shipping forecast that newbuilding cancellations and delays are expected to become more prevalent as the financing environment gets tougher.
The dry bulk market is projected to remain under stress due to demand supply mismatch, and increase in scrapping activities is required to offset the newbuilding pressure.
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