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Concor: Bright prospects

Nov 30, 2001

Concor, the company with a virtual monopoly in moving containerised cargo traffic reported good performance for 1HFY02 with a rise of 23% in topline. This was particularly commendable against the backdrop of a slowing economy. Operating margins also improved by around 180 basis points.

(Rs m)1HFY011HFY02% ChangeFY01
Sales 5,094 6,279 23.3% 10,748
Other Income 152 206 35.7% 340
Expenditure 3,603 4,327 20.1% 6,589
Operating Profit (EBDIT) 1,491 1,952 31.0% 4,159
Operating Profit Margin (%)29.3%31.1% 38.7%
Interest 20 13 -34.8% 36
Depreciation 132 157 18.5% 273
Profit before Tax 1,490 1,988 33.5% 4,190
Extraordinary Income - -   (901)
Tax 499 709 42.2% 1,123
Profit after Tax/(Loss) 991 1,279 29.0% 2,167
Net profit margin (%)19.5%20.4% 20.2%
No. of Shares (eoy) (m) 60 65   65
Diluted Earnings per share* 30.5 39.4   33.4
P/E (at current price)   3.8 4.5
(*- annualised)    

Container traffic can be broadly differentiated in two categories – EXIM (Export/Import) and Domestic traffic. Majority of the company’s revenue comes from international traffic (mainly in the Delhi-JNPT route), growing at around 20%. This business contributes around 83% to operating profits as shown in the table below. The company also provides transport linkages between ports and the hinterland. With liberalization and opening up of the Indian economy, lowering of import tariffs and reduction in the number of commodities whose import was prohibited by the Government, there is an increasing trend of containerized imports into India. Along with the growth of container business at Indian Ports, the prospects for transporting contanisered goods through roads are becoming brighter. This is particularly true given the fact the government projects for development of highways are moving at a fast pace.

Particulars Exim Business Domestic Business
Contribution to Revenues 70%30%
Contribution to Operating Profit 83%17%

At the current market price of Rs 150, the stock trades at 3.8x its annualised earnings for 1HFY02. Given the fact that the company runs almost a monopoly in a business which is growing, the prospects for the company look bright.

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