Container Corporation of India (CONCOR) witnessed a significant uptick in its shares on November 3, surging more than 4 percent following the announcement of a robust 21.8 percent year-on-year growth in consolidated profits, amounting to Rs 481.76 crore for the second quarter of the fiscal year 2023-24 (Q2 FY24).
At 2:35 pm, CONCOR’s stock was trading 4.62 percent higher at Rs 714.23 on the National Stock Exchange (NSE), indicating a positive market response to the company’s stellar financial performance. The impressive growth in net profit, from Rs 303.8 crore in the year-ago period, underscored CONCOR’s resilience and strategic prowess in navigating the challenging market landscape.
The company’s Q2 revenues also showcased a strong performance, rising by 10.5 percent year-on-year to reach Rs 2,194.87 crore. This notable increase was primarily attributed to a remarkable 26.13 percent year-on-year growth in domestic volumes during the September quarter, highlighting CONCOR’s ability to capitalize on market demand effectively.