Quarter-on-quarter, however, profit fell 17.5% from INR1bn in the second quarter.

The year-on-year rise in third quarter net profit was largely boosted by almost 50% reduction in expenses on bunker costs and hire of inchartered ships.

Varun Shipping registered revenue of INR2bn in the third quarter, a slight drop from INR2.2bn recorded a year earlier.

The company presently owns and/or operates a well diversified fleet of 21 vessels comprising of 11 LPG carriers, three double hull aframax crude tankers and seven anchor handling towing supply (AHTS) vessels.