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Container Corporation expects Rs 7,000 Cr turnover for FY 19

Press Trust of India  |  Hyderabad 

: Container Corporation of India Limited (Concor) expects to 7,000 crore revenues for the fiscal 2018-19, and become a "Billion Dollar" company, a top of the PSU said here Wednesday.

The financial results for the fourth quarter of FY19 are yet to be announced by the company.

The company reported Rs 6,167 crore revenues during 2017-18 financial year.

Concor V Kalyana Rama said he hopes to achieve 10 to 12 per cent growth in terms of volume during the current fiscal.

It handled over 46.25 million tonnes last year with over seven per cent growth over previous year.

"I will not be able to give the exact financial figures now because our board meeting for considering financials will be held on April 30. With this performance, I am sure that we will be crossing a turnover of Rs 7,000 crore. And as it is we will be a Billion Dollar company," Rama said at a press conference.

The company has registered 8.5 per cent growth in throughput at 3.83 million Twenty-foot Equivalent Units (TEUs) in 2018-19 compared to 3.53 m TEUs in the previous fiscal.

The company committed Rs 6,000 crore investment towards capex for five years starting FY18, he said.

On the expansion of activities, he said Concor is planning to set up 20 distribution logistics nodes across the country in the next five years.

The first one was commissioned in Chennai last month.

According to him, the container mover plans to diversify into distribution logistics, integrated logistics and manufacturing zone.

For the first time, the company introduced fixed tariff for the entire financial year from April 1 this year, he said adding the total number of terminals will be increased from present 83 to over 100 over next three years.

Rama further said Concor is also into waterways and coastal shipping.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 19:25 IST