Container Corporation of India (CONCOR) Q4 96/97 earnings summary

Executive summary

• FY 1996-97 sales and service income increased to Rs 1,368.06 lakh from Rs 1,109.72 lakh, while net profit after the prior-year adjustment fell to Rs 61.09 lakh from Rs 104.32 lakh.

• Expansion and a proposed Markem Corporation joint venture were central priorities; no dividend was recommended to conserve funds.

Financial highlights

• Total income was Rs 1,394.67 lakh versus Rs 1,279.38 lakh; profit before tax was Rs 70.94 lakh versus Rs 104.43 lakh.

• Profit after tax before the earlier-year adjustment was Rs 62.74 lakh, against Rs 104.43 lakh; net profit after the Rs 1.65 lakh adjustment was Rs 61.09 lakh.

• Other income declined to Rs 26.61 lakh from Rs 169.66 lakh.

• General reserve received Rs 50 lakh; Rs 237.64 lakh was carried forward to the balance sheet.

Outlook and guidance

• Existing marketing and service coverage was expected to support deeper market penetration and higher turnover and profitability.

• Project implementation fell behind schedule after delays in raising Rights Issue funds; actual sales and other income of Rs 1,394.67 lakh were below the Rs 2,870.47 lakh projection.

• Rights Issue proceeds were being redirected, after revisions, to the stated issue objectives, with expected higher turnover and improved profits in the near term.

• Export products and services target set at Rs 100 lakh.