Container Corporation of India’s (Concor) March quarter profit jumped 5.5 percent to Rs 315.1 crore from the year-ago period, aided by volume growth and increased market share, the public sector company said on May 16.
Sequentially, profit after tax (PAT) came in lower than Rs 333.67 crore in the December quarter.
Revenue rose 6.4 percent YoY to Rs 2,325.1 crore, due to an 11.24 percent YoY growth in total volumes in the quarter under review.
The company reported a revenue of Rs 2,210.57 crore in the December quarter.
Concor's board approved an interim dividend of Rs 2.5 a share, amounting to Rs 152.3 crore, subject to shareholders' approval at the company's annual general meeting.
Concor reported an 11.24 percent on year increase in total throughput to 12,44,798 twenty-foot equivalent units (TEUs).
Domestic (DOM) throughput stood at 3,10,740 TEUs, a growth of 16.05 percent from the year-ago quarter.
The export-import (EXIM) throughput grew 9.73 percent to 9,34,058 TEUs.
CONCOR reported EBIDTA of Rs 591 crore, 8.5 percent higher from the year-ago period. The EBITDA margin rose 50 basis points to 25.4 percent from 24.9 percent in Q4 FY23.
One basis points is one-hundredth of a percentage point.
EBITDA is short for earnings before interest, taxes, depreciation and amortisation.
Normalised rail operations, coupled with the completion of the Eastern Dedicated Freight Corridor, gave a boost to the margin, as operational efficiencies improved. A shift of cargo volumes from road to rail also helped the company increase market share.
Price realisation rose as rail freight expenses rose only 10.8 percent to Rs 1,344 crore despite an 11.2 percent rise in volumes, as the company stopped discounts after the festive period.
An industry-wide increase in exports and imports benefitted the cargo operator, whose two-thirds of revenue comes from this segment, analysts said.
CONCOR reported a 8.9 percent on-year growth in revenue from the Export-Import (EXIM) segment to Rs 1,442.1 crore, while profit rose to Rs 326.2 crore, a 2.7 percent growth compared to the same period last year.
The earnings before interest and taxes (EBIT) margin from the EXIM segment fell to 22.6 percent when compared to 24 percent a year ago and 22.26 percent in the December quarter.
Its domestic segment’s revenue was up 2.7 percent at Rs 883 crore from the year-ago period and profit grew 11.2 percent to Rs 83.3 crore.
The EBIT margin from the domestic segment rose to 9.4 percent against 8.7 percent in the year-ago period and 9.65 percent in the December quarter.
The CONCOR stock ended the day at Rs 1,036.40 up 1 from the previous close.
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