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Container Corporation of India Ltd (Concor), on Thursday, posted a consolidated profit of Rs 279 crore for the March quarter. This is 7.7 per cent rise from Rs 259 crore a year ago, the company statement said.
The company’s consolidated revenue from operation rose by 6 per cent to Rs 2,184 crore.
In a regulatory filing, Container Corporation of India, said, “the board has declared a final dividend of Rs 2/ - (40%) per equity share of face value of Rs 5/ each for the year 2022-23 which is subject to approval of the shareholders in the ensuing Annual General Meeting.”
Domestic trade constitutes about 40% of the company's revenue. Container trade faced global headwinds as Chinese New Year factory closures disrupted supply chains and demand was weak in the U.S. and European markets, according to analysts.
Container Corp's total expenses rose 6 per cent during the period. Its rail freight costs, which constitute over 64% of total expenses, rose 9 per cent.
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Separately, a panel headed by India's cabinet secretary was to invite initial bids for selling the government's 31 per cent stake in the company, which has been delayed since 2020, two government officials had told Reuters last month.
Shares of Container Corp settled over 1 per cent lower before the results were announced. The stock has lost 14.5 per cent so far this year.
(With inputs from Reuters)
