India's CONCOR reports quarterly profit rise on higher cargo volume

Container of India

29/10/2024 13:06

Oct 29 (Reuters) - Container Corporation of India (CONCOR)  CCRI.NS  reported a 9% rise in second-quarter
profit on Tuesday, helped by higher cargo volume.  
    The state-run logistics company's consolidated profit before tax rose to 5.26 billion rupees ($62.6 million) for
three months ending Sept. 30 from 4.82 billion rupees a year ago. 
    Revenue from operations rose 4.2% to 22.88 billion rupees, mainly on the back of a near-6% growth in cargo volume.
The company incurred a one-time expense of 333.2 million rupees. 
    For further earnings highlights, (click here) 
    
KEY CONTEXT 

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% on-year in the reported quarter,
while its domestic business reported a 14% 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. 
    
PEER COMPARISON 
    
    
                                   Valuation (next 12     Estimates (next 12    Analysts' sentiment             
                                   months)                months)                                               
                      RIC          PE     EV/EBITDA       Revenue     Profit    Mean     No. of   Stock to      Div
                                                          growth      growth    rating*  analyst  price         yield
                                                                                         s        target**      (%)
 Container             CCRI.NS     29.67  18.62           15.58       15.78     Hold     7        0.80          1.47
 Corporation of                                                                                                 
 India                                                                                                          
 VRL Logistics         VRLL.NS     28.47  10.89           13.57       52.09     Buy      9        0.82          0.94
 Mahindra Logistics    MALO.NS     44.90  9.03            14.83       NULL      Sell     11       0.97          0.61
 Aegis Logistics       AEGS.NS     35.14  22.08           12.43       16.13     Buy      4        0.96          0.71
 * The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above
the PT
    
JULY-SEPTEMBER STOCK PERFORMANCE 
    
    
-- All data from LSEG IBES
-- $1 = 84.0300 Indian rupees

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CCRI Q2 vs peers    https://tmsnrt.rs/3YECKMB
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 (Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru; Editing by Eileen Soreng)
 ((Hritam.Mukherjee@thomsonreuters.com; Twitter: @MukherjeeHritam;))