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Concor : A muted quarter - Views on News from Equitymaster
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Concor : A muted quarter
Nov 9, 2015

Container Corporation of India Ltd (Concor) has announced its results for the quarter ended September 2015 (2QFY16). The company has reported 10.9% year on year (YoY) increase in the topline and 21.4% YoY decline in the bottomline for the quarter. Here is our analysis of the results.
Performance summary
  • Revenues were up 10.9% YoY during the quarter, mainly driven by the EXIM segment.
  • The operating profits for the quarter registered a 1.1% YoY growth with margins contracting to 21.0% from 23.1% in the corresponding quarter last year. The margins for EXIM segment expanded from 16.5% in 2QFY15 to 19.2% in 2QFY16. However, the margins for domestic segment stood at 1.9%, down by around 196 basis points (2.0% YoY).
  • The reported net profit for the quarter grew by 21.4% YoY mainly on account of lower depreciation expense. As such, the net profit margins expanded to 15.5% from 14.2% in 2QFY15.

Financial summary

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Sales 13,548 15,019 10.9% 26,245 29,228 11.4%
Expenditure 10,421 11,858 13.8% 20,133 23,188 15.2%
Operating profit (EBDITA) 3,127 3,161 1.1% 6,112 6,040 -1.2%
EBDITA margin (%) 23.1% 21.0%   23.3% 20.7%  
Other income 920 858 -6.8% 1,749 1,656 -5.3%
Interest (net) 0 0 na 0 0 na
Depreciation 1486 876 -41.1% 1,979 1,782 -10.0%
Profit before tax 2,562 3,144 22.7% 5,882 5,914 0.5%
Pretax margin (%) 18.9% 20.9%   22.4% 20.2%  
Tax 643 808 25.8% 1,344 1,509 12.3%
Effective tax rate (%) 25.1% 25.7%   22.9% 25.5%  
Normal Profit after tax/(loss) 1,919 2,335 21.7% 4,538 4,404 -2.9%
Normal Net profit margin (%) 14.2% 15.5%   17.3% 15.1%  
Extra ordinary income   -6 nm   -6 nm
Reported net profit 1,919 2,329 21.4% 4,538 4,398 -3.1%
Reported net profit margin (%) 14.2% 15.5%   17.3% 15.0%  
No. of shares (m)         195  
Diluted earnings per share (Rs)*         53.0  
Price to earnings ratio (x)*         25.3  

*trailing twelve-month earnings

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