 "Concor")
Shares of Container Corporation of India (Concor) regained ground after slipping 4 per cent to hit a record high of Rs 1,115.95 per share, rallying 7.5 per cent on the BSE in Friday’s intraday day trade. This came after the company delivered its quarter four earnings of the financial year 2023-24 (Q4FY24).
The company’s consolidated revenue rose by 6 per cent year on year (YoY) per cent to Rs 2,417 crore in the January-March quarter of FY24 as against Rs 2,281 crore. Sequentially, revenue grew by 5 per cent against Rs 2,307 crore in Q3FY24.
While the profit after tax (PAT) increased by 9.8 per cent to Rs 301 crore compared to Rs 271 crore in the year-ago period. The company’s PAT dropped sequentially by 4 per cent compared to Rs 330 crore recorded in Q3FY24.
On a full-year basis, the revenues of the company grew to Rs 9,023 crore in FY24 versus Rs 8,482, a rise of 6.3 per cent YoY. The PAT increased by 6.2 per cent in FY24 to Rs 1,638 compared to Rs 1,542 in the previous fiscal.
Concor announced that its Board has approved a final dividend of Rs 2.50 (50 per cent per equity share with a face value of Rs 5 each) for the fiscal year 2023-24, pending shareholder approval at the upcoming annual general meeting.
Investment banking firm Morgan Stanley maintained equal weight on the company, with a ‘Neutral’ rating and a target price of Rs 1076 per share.
At 02:30 PM; the stock of Concor was trading 6.29 per cent lower at Rs 1,103.25. In comparison, the S&P BSE Sensex was up by 0.39 per cent. The stock of the company is presently trading at a price-to-earnings multiple of 50.65 times.
Concor is an Indian public sector company specialising in container transportation and handling. Its core activities include container transportation via rail and road networks, as well as managing container terminals and depots. Additionally, Concor offers logistics solutions and storage facilities for containers, contributing significantly to efficient goods movement throughout India.
