CONCOR's Q3 Sees 9.5% Profit Surge, Strong Revenue Growth, and Interim Dividend Approval

25 Jan 2024 , 10:41 AM

CONCOR’s consolidated net profit for Q3 FY24 rose by 9.5% YoY to Rs 333.67 crore. Q3 revenues increased by 10.3% YoY to Rs 2,210.57 crore. Total volumes for Q3 2023 reached 11,50,808 TEUs, a 6.05% YoY growth.

EXIM volumes rose by 8.25% to 9,02,582 TEUs, while domestic volumes declined 1.25% YoY to 2,48,226 TEUs. The board approved an interim dividend of Rs 4 per share, totaling Rs 243.72 crore, with a record date of February 7.

Normalized rail operations and completion of the Eastern Dedicated Freight Corridor positively impacted CONCOR. Despite a 6.05% rise in volumes, rail freight expenses increased by 14% to Rs 1,294.59 crore due to festive discounts.

Q3 EBIDTA was Rs 609.01 crore, a 13.5% increase from the previous year, with a margin of 27.55%. Completion of Dedicated Freight Corridors aided CONCOR in regaining market share.

EXIM segment revenues grew by 13.13% YoY to Rs 1,436.65 crore, with a segment profit of Rs 319.78 (8.17% growth). EBIT margin from the EXIM segment fell to 22.26%, compared to 23.28% a year ago.

Domestic segment revenues rose by 5.36% to Rs 773.92 crore, with a segment profit of Rs 74.69 crore (86% growth). EBIT margin from the domestic segment rose to 9.65%, compared to 5.47% a year ago.

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