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Informist, Tuesday, Oct. 29, 2024

By Arya S. Biju

MUMBAI - Container Corp. of India Ltd. reported a better-than-expected net profit for the September quarter, even as the revenue fell short of the Street's estimates. The logistics company reported a net profit of INR 3.71 billion for the quarter, up 3.7% from INR 3.58 billion a year ago, beating analysts' estimate of INR 3.42 billion. This marks the company's fifth consecutive quarter of net profit growth after it fell 16% in Apr-Jun 2023.

The revenue for the quarter was INR 22.83 billion, up 4.2% from INR 21.90 billion a year ago. Analysts had expected the company to post 10% on-year growth in revenue to INR 24.04 billion. The company's revenue has grown for five consecutive quarters after a fall of 3% in Apr-Jun 2023.

For Apr-Sept, the state-owned company reported a net profit of INR 6.26 billion, up 4.1% from the year-ago period. The company's revenue grew 6.6% on year to INR 43.80 billion in the first half of the current financial year.

Revenue from export and import trade for the September quarter rose 6.1% on year to INR 15.32 billion, while revenue from the domestic segment rose marginally on year to INR 7.51 billion. For the first half of the current financial year, revenue from exports and imports was INR 28.53 billion, up 6.7% on year. Revenue from the domestic segment for Apr-Sept was INR 15.27 billion, up 6.4% on year.

Other income for the September quarter was INR 1.30 billion, up 27% from INR 1.02 billion a year ago. The company said there was an exceptional item of INR 333.2 million, which was paid for settlement of disputed claims against the company, including under Vivad se Vishwas II (Contractual Disputes) scheme of the finance ministry.

The company's total expenditure for the September quarter was INR 18.87 billion, up 3.9% on year. Rail freight expenses for the quarter were INR 12.52 billion, up 4.1%. Other operating expenses were INR 2.62 billion, down 3.2% on year. Finance cost for the quarter was INR 783.4 million, up 38.2% on year. Depreciation and amortisation expense was INR 1.62 billion, up 8.8%. The company's employee benefits expense for the quarter was INR 1.15 billion, down 5.9%.

Earlier this month, the company said it had handled a total volume of 1.30 million twenty foot equivalent units in the September quarter, up 6% on year. The company's export and import trade throughput for the quarter was 1.01 million twenty foot equivalent units, up 3.7% on year and domestic volumes were 297,647 twenty foot equivalent units in the September quarter, up 14% on year.

The total volume handled by Container Corp. for the six months till September was 2.46 million twenty foot equivalent units, up 6% on year. The export and import trade throughput for Apr-Sept was 1.88 million twenty foot equivalent units, while domestic volumes for the same period were 587,434 twenty foot equivalent units.

The company has declared a second interim dividend for 2024-25 (Apr-Mar) of INR 3.25 per share, totalling INR 1.98 billion. It has set Nov. 15 as the record date for the interim dividend.

On Tuesday, shares of Container Corp. closed at INR 809 on the National Stock Exchange, up 3.6% from the previous close. The company announced its results post market hours.  End

Edited by Ashish Shirke

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