Container Corporation’s total volume rises over 8% in FY24
Upstox
2 min read • Updated: April 15, 2024, 8:34 PM
Summary
Container Corporation of India (Concor) saw a healthy growth of 11.24% YoY in total physical volumes for Q4FY24. For the financial year 2023-24, the volume growth stood at 8.23% YoY.
State-owned Container Corporation of India (Concor) has reported a healthy double-digit growth in its overall production for the March quarter of the last financial year (Q4FY24). In its updates on provisional physical volumes for the quarter and financial year ending, March 31, 2024, filed with the stock exchanges on Monday, April 15, the company said that its volume in the domestic (DOM) segment saw a strong growth of 16.05% year-on-year (YoY) in the March quarter at 3,10,740 TEUs (Twenty-foot equivalent unit) in Q4FY24. For the quarter under review the export-import (EXIM) segment's volume grew 9.73% YoY during Q4FY24 to 9,34,058 TEUs.
Overall, the company's total physical volumes for the quarter under review increased 11.24% YoY to 47,19,984 TEUs.
For the financial year 2023-24, the Railway Ministry public sector undertaking (PSU) reported total throughput at 47,19,984 TEUs, up 8.23% compared to 43,61,131 TEUs in FY23. For FY24, in the domestic segment total volume stood at 10,71,908 TEUs and in EXIM segment the total volume was 36,48,076 TEUs, representing a growth of 12.33% and 7.08%, respectively. However, the update on healthy Q4 volume growth failed to impress the investors as Concor share price ended 1.88% lower at ₹929 apiece on the NSE, extending the losses into the second consecutive session, in sync with a weak market trend.
Concor share price is up over 8% this year so far against a 2.5% gain in the equity benchmark NIFTY.
Concor share price hit its 52-week high of ₹1,027.65 on February 21 this year. It has been witnessing some profit booking since then. As of Monday’s close, the stock is down about 10 per cent from its 52-week high level.
In the December quarter of the last financial year (Q3FY24), Concor reported a 10% YoY rise in its consolidated revenue from operations at ₹2,210.57 crore against ₹2,004.46 crore in Q3FY23. The company’s profit for the period stood at ₹330.74 crore, up 12% YoY against ₹294.20 crore reported in the same quarter last year.
The board of the company had declared a third interim dividend for FY24 of 80%, or ₹4 per equity share of the face value of ₹5 each amounting to ₹243.72 crore.