Concor shares plunge 18% after posting 76% drop in Q1 profit

Shares of state-owned Container Corporation of India Ltd (Concor) plunged 18.30 per cent to Rs 372.20 on the BSE on Monday after the company's consolidated profit nosedived 75.97 per cent to Rs 58.26 crore for the quarter ended June 30, 2020 (Q1FY21).

The company had clocked a consolidated profit of Rs 242.51 crore during the corresponding quarter a year ago, the multi-modal logistics company said in a regulatory filing to the BSE.

Total income during the April-June period of the current fiscal dipped to Rs 1,251.50 crore from Rs 1,722.79 crore in the year-ago period. Total expenses also declined to Rs 1,179.71 crore as compared to Rs 1,397.45 crore earlier.

On the operational front, Concor reported Earnings before interest, tax, depreciation, and ammortisation (Ebitda) of Rs 158 crore, down 60.6 per cent on a YoY basis. Ebitda margin contracted to 13.4 per cent from 24.6 per cent posted in Q1FY20. 

Besides providing inland transport by rail for containers, Concor is also into management of ports, air cargo complexes and establishing cold chain.

At 10:36 AM, the stock was trading 15.72 per cent lower at Rs 384 on the BSE as compared to 0.76 per cent gain in the benchmark S&P BSE Sensex. Around 70 lakh shares have changed hands on the counter on the NSE and BSE, combined, so far.