- 18 May 2023
- ICICIdirect Research
Container Corporation of India Q4 Results 2023: Higher volumes, realisation negated by higher employee and other expenses
Container Corporation Of India Ltd | CMP: 1027 | Market Cap: 62,592.77
Higher volumes and realisation negated by higher employee and other expenses
While Concor Q4FY23 revenues were higher than I-direct estimates, EBITDA was marginally lower than I-direct estimates. However, PAT was again in-line with I-direct estimates due to higher other income. Concor has paid ~Rs 392 crore as Land License Fee (LLF) charges to Indian Railways in FY23 based on rates taken from land revenue department and the company’s own calculation.
Q4FY23 Earnings Summary
View: The company reported QoQ resurgence in both volumes and EBIT per TeUs on both EXIM and Domestic front, indicating better performance on market share front (had conceded market share to competitors with respect to short lead cargo). For FY23, the EXIM volumes have reached 3.4 mil TeUs (up 4%), while the domestic volumes have grown 19% to 0.95 mil TeUs. While FY24 has begun on a weak note for container segment, we expect the momentum to gradually pick-up going forward (with commercialisation of more DFC route). Any timeline for privatisation of the company is another key monitorable on the management conference call.
Impact: Positive