CONCOR Q4 PAT tumbles 94% YoY to Rs 19 cr

On a consolidated basis, Container Corporation of India (CONCOR)'s net profit slumped 94.1% to Rs 18.58 crore on 23.5% increase in net sales to Rs 1,956.69 crore in Q4 March 2021 over Q4 March 2020.

Profit before tax (after exceptional items) tumbled 90.4% to Rs 39.33 crore in Q4 FY21 as against Rs 410.88 crore in Q4 FY20.

"In the previous years, the company was providing liability for post retirement medical benefits for retired employees. However, during the current year, actuarial valuation has got done for the expected liability for all employees of the company, as all employees after superannuation or separation after rendering services for continued period of 20 years are entitled for such benefits. Due to this, during the current year, an amount of Rs 72.84 crore has been provided, out of which Rs 67.33 crore has been charged to statement of profit & loss and Rs 5.51 crore has been included in other comprehensive income," the company said.

During the financial year, CONCOR's net profit jumped 27.91% to Rs 469.30 crore on 1.71% decrease in revenue from operations to Rs 6,427.08 crore in FY 2021 over FY 2020.

Meanwhile, the board has declared a final dividend of Rs 2 per equity share for the year 2020-21.

CONCOR is engaged in transportation of containers (rail and road), and handling of containers. It has the largest network of 61 Inland Container Depots (ICDs) and Container Freight Stations (CFSs) in India (58 terminals and 3 strategic tie-ups). In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain. As of 31 March 2021, the Ministry of Railways (under The Government of India) held 54.80% stake of the company.

Shares of CONCOR fell 0.92% to end at Rs 586.45 on Friday.

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