Container Corporation of India (CONCOR) Q4 04/05 earnings summary

Executive summary

• FY05 operating income rose 13.55% YoY to ₹2,003.49 crore; net profit available for appropriation was ₹428.60 crore, up from ₹367.59 crore.

• Total container handling increased 7.86% to 1,727,976 TEUs, led by EXIM growth while domestic volumes were nearly flat.

• Expansion investment supported new terminals, higher wagon capacity and joint ventures; capital expenditure was ₹382 crore approx.

Financial highlights

• Operating income ₹2,003.49 crore vs ₹1,764.43 crore; total income ₹2,051.70 crore vs ₹1,807.40 crore.

• PBT ₹609.60 crore vs ₹498.72 crore, up 22.23% YoY; expenditure increased 10.20% to ₹1,442.10 crore.

• PAT ₹428.87 crore vs ₹356.27 crore; after prior-period and earlier-year tax adjustments, net profit was ₹428.60 crore vs ₹367.59 crore.

• Other income rose to ₹48.21 crore from ₹42.97 crore, including ₹37.07 crore interest on short-term deposits and bank deposits.

Outlook and guidance

• FY06 plans emphasize larger and customized EXIM terminals, strategic presence at major ports, continued flat-car acquisition and lower rail-haul costs and transit times.

• Domestic growth strategy targets shifting containerisable general cargo from road to rail through scheduled services, CONTRACK expansion, specialized wagons and customized services.

• Cold-chain project to be initiated in phases; new Dadri CFSs and the JN Port third berth were expected to commission in 2005-06.