The shares of Navratna company moved 5 percent after announcing their Q2 FY24 results and also announcing an interim dividend to its stakeholders.
With a market capitalization of Rs. 41,572 crores, the shares of Container Corporation of India Ltd (CONCOR) opened at a higher level of Rs. 701 compared to its previous close of Rs. 608. The share went to hit an intraday high of Rs. 719 making a gain of around 5 percent and closed its day around Rs.713.75 apiece.
Such a positive moment in the stock was observed after the company announced its Q2 FY24 results. The revenue increased by 14 percent from Rs. 1,992 crores during Q1 FY24 to Rs. 2,194 crores in the recent quarter. In addition to this net profit zoomed by 45 percent from Rs. 252.55 crores to Rs. 367.32 crores during the same time horizon.
Comparing these metrics on a YoY basis, the revenue increased by 11 percent from Rs. 1,986 crores during Q2 FY23 to Rs. 2,194 crores in Q2 FY24. Moreover, the net profit jumped by 21 percent from Rs. 303 crores to Rs. 367 crores during the same period.
Furthermore, CONCOR announced an interim dividend of Rs 3 per equity share, i.e., a 60 percent payout over the Face Value of Rs 5 per equity share. The Record Date for the dividend is decided to be 16th November 2023.
Coming on to the important financial ratios, the return on equity was at 10.68 percent during FY 22-23 and the return on capital employed was recorded at 14.73 percent during the same timeframe.
According to the latest shareholding pattern, Promoters or the Government of India have a 54.80 percent stake in the company, FIIs have a considerable stake of 20.69 percent, DIIs have 21.59 percent shares where LIC hold 5.09 shares in it and the remaining 2.92 percent is with Retail Investors.
A subsidiary company of Indian Railways, Container Corporation of India Limited (CONCOR) is an Indian public sector undertaking that is engaged in the transportation and handling of containers. The company commenced operations in November 1989 taking over an existing network of seven inland container depots (ICDs) from Indian Railways.
Written By Vaibhav Patil
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