Container Corp Q1 results: Net profit dips over 17% at ₹246 crore, board approves dividend of ₹2 per share
Container Corporation of India on Thursday reported over 17% decline in net profit at ₹246 crore for the first quarter ended June 30 of fiscal year 2024. The company had posted ₹297 crore in the same period a year ago. Revenue from operations dropped 3.6% at ₹ 1,922 crore, Container Corporation said in an exchange filing.
The company said the export-import (EXIM) and domestic segments registered 5.3% and 0.3% fall, respectively. Its total expenses increased 1% at ₹1,685 crore even as rail freight costs which account for nearly two-thirds of the expenses fell. Its board has approved an interim dividend of ₹2 per share for the current fiscal year, said the company.
In July, the company had said that total volumes handled in the June quarter rose almost 8% on growth in both domestic and international trading. In May, Container Corporation had warned of pressure on margins as it sought to recover some of the lost market share. The government is planning to divest its 31% stake in Container Corporation of India.
Shares of Container Corporation of India on Thursday closed 1.8% lower at ₹696.55 ahead of the results. On July 18, the National Company Law Appellate Tribunal (NCLAT) had stayed the insolvency proceedings initiated against Container Corporation of India. On July 12, the New Delhi-based principal bench of the National Company Law Tribunal (NCLT) had admitted a petition filed by Roadwings International, an operational creditor of the public sector enterprise, and ordered to initiate corporate insolvency resolution proceedings (CIRP) against CONCOR.
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