Container Corporation of India (CONCOR) Ltd shares jumped more than 5% in trade on Friday after the company reported strong earnings for the quarter ended on September 30, 2023 (Q2FY24).

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Its consolidated net profit registered double-digit growth in the second quarter of the current financial year (FY24), rising 21.8% year-on-year (YoY) to ₹ 481.76 crore compared to ₹303.8 crore in the same period last year.

The company’s profit after tax (PAT) increased by an impressive 90.75% to ₹252.55 crore in the second quarter when compared to the previous quarter ending on June 30, 2023.

CONCOR also recorded a significant rise in Q2 revenue, marking the highest-ever growth in a quarter in the history of the company. The total revenue increased 10.5% YoY to ₹2,194.87 crore, led by a strong 26.13% growth in domestic volumes during the September quarter. On a quarter-on-quarter (QoQ) basis, the revenue increased by 14.15% from ₹1,922.84 crore in the June quarter.

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Shares of CONCOR continued the gaining streak for the second straight day on Friday after the upbeat Q2 result, declared on Thursday. The stock surged more than 5% to a high of ₹718.85 apiece on BSE during the session on Friday.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at ₹536.93 crore in the July-September period. The EBITDA rose 17.16% on a YoY basis from ₹410.56 crore in the corresponding quarter a year ago.

The EBITDA margin also recovered in Q2, jumping to 34.46% compared to 23.07% in the year-ago period.

Further, CONCOR’s board has announced a third interim dividend at Rs 3 per share having a face value of Rs 5 each, amounting to ₹182.79 crore. The record date for the interim dividend is set as November 16, 2023.

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(Edited by : Asmita Pant)