Essar Shipping Limited — Others, 30-05-2025: Appointment

Essar Shipping Limited has announced a board meeting approving the financial results for the quarter and half-year ended March 31, 2025. The group posted a consolidated profit of ₹656.57 crore after exceptional items, reversing prior losses, but still faces net worth erosion and working capital issues. The company sold major assets and received ₹443.21 crore from a partial foreign subsidiary sale, booking a ₹132.93 crore forex gain. One subsidiary is under liquidation with ongoing lender disputes; Essar Shipping settled ₹50.83 crore as doubtfully recoverable one-time payments. It is chartering assets and offering management services while negotiating liability resolutions. The board appointed new statutory and secretarial auditors and added two experienced directors, Srinivasan Vaidyanathan and Ketan Shah. Financials are prepared on a going concern basis, with auditors giving unmodified opinions.