Concor Q2 results: Net profit up 9% at Rs 526 cr on higher cargo volume

The Container Corporation of India (Concor) reported a 9 per cent rise in second-quarter profit on Tuesday, helped by higher cargo volume.  

 

 The state-run logistics company's consolidated profit before tax rose to Rs 526 crore ($62.6 million) for three months ending Sept. 30 from Rs 482 crore a year ago.  

 

 Revenue from operations rose 4.2 per cent to Rs 2,288 crore, mainly on the back of a near-6 per cent growth in cargo volume.  

 

 The company incurred a one-time expense of Rs 33.32 crore   

 

 Sustained growth in cargo volume on the back of steady commercial activity and consumption in the world's fifth largest economy, has benefitted CONCOR - India's largest container train operator.  

 

Cargo volume at the company's mainstay export/import (EXIM) segment increased 3.7 per cent on-year in the reported quarter, while its domestic business reported a 14 per cent growth.  

 

Analysts expect domestic volume growth, helped by freight corridor connectivity, to fuel volume growth as CONCOR has been losing market share to private peers in the EXIM segment.