te Is Concor a buy post-March quarter numbers? Read on to find out | Zee Business

Is Concor a buy post-March quarter numbers? Read on to find out

Concor Ltd share price: The earnings release showed that the logistic solutions provider registered a consolidated profit after tax (PAT) of Rs 274.14 crore for Q4FY23 which was a rise of 8.6 per cent.

Is Concor a buy post-March quarter numbers? Read on to find out
Concor Ltd share price: The company’s total income in the March quarter rose 7.1 per cent to Rs 2,278.10 crore, image- IANS

Concor Ltd share price: Shares of Container Corporation of India (NSE: CONCOR) declined over 3 per cent on NSE on May 19, a day after the company posted its March quarter (Q4FY23) numbers. At closing Concor's scrip stood at Rs 627on the NSE, down 0.70 per cent.

The earnings release showed that the logistic solutions provider registered a consolidated profit after tax (PAT) of Rs 274.14 crore for Q4FY23 which was a rise of 8.6 per cent against Rs 252.51 crore a year ago. The company’s revenue from operations during the quarter under review surged 6.2 per cent to Rs 2,184.33 crore from Rs 2,057.56 crore in the corresponding quarter of the previous fiscal. Concor's total expenses in the fourth quarter grew 6.3 per cent to Rs 1,907.49 crore year-on-year (YoY) as compared to Rs 1794 .73 crore.

The company’s total income in the March quarter rose 7.1 per cent to Rs 2,278.10 crore.

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The board has declared a final dividend of Rs 2 (40 per cent) per equity share of the face value of Rs 5 each for the year 2022-23 which is subject to the approval of the shareholders in the ensuing annual general meeting (AGM).

Phillip Capital has maintained a ‘buy’ call on Concor for a target price of Rs 890 apiece. “Being a leading player in container rail transport has a strong ability to pass on cost increase with high operating leverage,” the brokerage said.

Brokerage firm B&K Securities has maintained a ‘buy’ call on Concor for a target price of Rs 747 apiece. “We believe overall, share price has limited downside from these levels given support from 1) divestment related news flow, 2) improved DFC related sentiment as Dadri-Rewari and Vaitarna - JNPT connectivity is achieved by FY24 end,” the brokerage said in its report.

Concor share price history

On a year-to-date (YTD) basis, Concor stock has declined over 16 per cent as compared to Nifty50’s decline of 0.30 per cent. On a six-month basis, the stock fell over 15 per cent against Nifty50’s decline of over 0.09 per cent.

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Written By: Sirali Gupta
Edited By: Swati Verma
Updated: Fri, May 19, 2023
04:34 pm
Mumbai, ZeeBiz WebDesk
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