Despite the weak Q1 show, the company is confident of meeting its EXIM growth target of 10-12 per cent in FY24 given signs of recovery and expects to maintain margins at the FY23 level (22.7 per cent).
Container Corporation of India (Concor)
has been the worst performer among major logistics & port stocks registering returns of about 4 per cent over the past three months as compared to 10-12 per cent for peers Gateway Distriparks and Adani Ports and SEZ. Uncertain outlook on the export-import (EXIM) trade front, market share loss, lack of progress on divestment, and weak June quarter results weighed on the stock.
Volume and margin movement will be key triggers for the stock going ahead. As was the case in the previous quarter, margin performance was muted even in the June quarter. Operating profit in the quarter was down 17 per cent at Rs 391 crore missing estimates by over 15 per
First Published: Sep 12 2023 | 11:16 AM IST