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Container Corporation: Headwinds Continue - Views on News from Equitymaster
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Container Corporation: Headwinds Continue
Feb 5, 2016

Container Corporation of India Ltd (Concor) has announced its results for the quarter ended December 15 (3QFY16). The company has reported 3.3% year on year (YoY) decline in the topline and 31.5% YoY decline in the bottomline for the quarter. Here is our analysis of the results.

Performance summary

  • Revenues were down 3.3% YoY during the quarter, mainly driven by the slowdown in the EXIM segment.
  • The operating profits for the quarter registered a 23.7% YoY decline with margins contracting to 19.9% from 25.3% in the corresponding quarter last year. The margins for both EXIM and Domestic segment contracted, to 18.5% and 2.0% respectively, from 24.6% and 5.3% respectively in 3QFY15.
  • Reported net profit for the quarter declined 31.5% YoY. Apart from a weak operating performance, higher tax outgo put pressure on the bottomline. Net profit margin for the quarter contracted to 14.7%, from 20.7% in 3QFY15.
  • During 9MFY16, the revenue growth came in at 6.2% YoY, while operating profit and net profit declined by 9.6% YoY and 14.4% YoY respectively.
  • Increase in authorized capital: The company has increased authorized capital to meet the need for higher investments. Bonus shares could also be issued.
  • Tax rate was higher due to changes in company act and tax deferment was not there this quarter unlike in last quarter
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