Container Corp of India falls on slide in Q3 core profit

Container of India

24/01/2023 07:36

** Shares of state-owned Container Corporation of India
 CCRI.NS  fall as much as 3.41% to 677 rupees, lowest since
September 27, 2022
    ** The decline comes after the ground freight and logistics
company reported a slide in core profit in the third quarter on
Monday
    ** Core profit margins contracted to 21.46% in the December
quarter, compared to 23.79% in the same period a year earlier
    ** Lower EXIM (export-import) volumes and higher operating
expenses weighed on core profit margins in the third quarter,
says Motilal Oswal Financial Services; adds blended realisation
also fell 2%
    ** The company's rail freight expenses, which account for
nearly two-thirds of total expenses, jumped nearly 9% in Q3
    ** Trading volume is 2.21 mln shares as of 12:50 p.m. IST,
twice the 30-day avg of 1.11 mln shares: Refinitiv data
($1 = 81.5875 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))