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Container Corp: Profit up 32% on a low base

Nov 2, 2012

Container Corporation of India Ltd has announced its results for the second quarter of financial year ending 2013 (2QFY13). The company has reported a 6.1% year on year (YoY) increase in the topline and 4.6% YoY increase (excluding extraordinary items) in the bottomline . Here is our analysis of the results.

Performance summary
  • Revenues were up 6.1% YoY during the quarter. For the first half year (1HFY13), the revenues grew by 7.6% YoY.
  • The operating profits for the quarter registered a 2% YoY decline with margins at 24.4% versus 26.4% in 2QFY12. For the half year, the operating profits registered flattish growth of 0.4% with margins at 25.1% versus 26.9% in 1HFY12.
  • The reported net profits for the quarter were up by 32.5% with margins at 20.5% versus 16.4% in 2QFY12. For the half year, the reported net profits were up by 16.6% with margins at 21.2% versus 19.7% in 1HFY12.
  • The reported bottomline figure included onetime tax adjustment in 2QFY12 of Rs 468 m. Excluding this item, the growth in the bottomline for the quarter came at 4.6% with margins at 20.5% versus 20.8% in 2QFY12. For the half year, the growth in the bottomline on a normalized basis came at 4.7% with margins at 21.2% versus 22.0% in 1HFY12.
  • For FY12, the company has paid a final dividend of Rs 9 per share in the quarter. This is in addition to an interim dividend of Rs 7.5 per share for FY12.

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