MUMBAI : The consolidated net profit of Container Corporation of India (CONCOR) jumped 21.8 percent on-year to Rs 481.76 crore in the second quarter of the fiscal year 2022-24 (Q3 FY24), according to the financial results declared by the public sector company on November 2.
In the year-ago period, CONCOR had reported a net profit of Rs 303.8 crore. Sequentially, the profit after tax has increased in the September 2023 quarter, as it stood at Rs 252.55 crore in Q1 FY24.
Concor’s Q2 revenues rose 10.5 percent year-on-year (YoY) to Rs 2,194.87 crore, due to a 26.13 percent YoY growth in domestic volumes in the September quarter. The numbers were also higher sequentially, as the revenue in the June 2023 quarter was Rs 1,922.84 crore. Shri Sanjay Swarup the New Chairman and Managing Director of the company said that CONCOR had reported its highest-ever results in the company’s history in Q2FY24.
“Congratulations to @Concor_India’s dedicated team for their relentless efforts. The highest-ever results in the company’s history display our commitment to excellence,” Shri Swarup said on X (formerly Twitter).
According to a regulatory filing, the Container Corporation of India reported a 26.13 percent YoY growth in domestic volumes at 2.61 TEUs (twenty feet equivalent) for the quarter ended September FY 2024.
For the same period, EXIM volumes grew by 3.50 percent to 9.69 TEUs. Total volumes grew 7.59 percent YoY to 12.3 TEUs during the quarter.
Normalised rail operations post the impact of extremely severe cyclonic storm ‘FANI‘, a shift of cargo volumes from road to rail shift coupled with market share and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin recovery helped the company during the quarter.
Price realisation improved during the quarter as CONCOR’s rail freight expenses only rose 12.7 percent in Q2FY24 to Rs 1,203.02 crore despite a 26.13 percent rise in volumes as the company rolled back discounts across geographies.
CONCOR reported an earnings before interest, taxes, depreciation and amortization (EBIDTA) of Rs 536.93 crore in Q2 FY24, which was 17.16 percent higher than Rs 410.56 crore clocked in the corresponding period of the previous year. The company’s margin was up to 34.46 percent in the September 2023 quarter as against 23.07 percent in Q2 FY23.
Apart from releasing the quarterly results, CONCOR informed the stock exchanges that its board has cleared a third interim dividend of “60 percent i.e. Rs 3 per equity share of the face value of Rs 5 each, amounting to Rs 182.79 crore.”
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