CONCOR shares surge 4% on strong Q4 results

Shares of Container Corporation of India Ltd (CONCOR) surged more than 4% on Friday following the announcement of strong fourth-quarter results.

On Thursday, May 16, the state-owned Navratna firm reported a nearly 10% year-on-year increase in consolidated net profit to ₹301.25 crore for Q4FY24. This growth was driven by an increase in volume and a higher market share. In the same quarter last year, the company reported a net profit of ₹274.14 crore.

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CONCOR’s consolidated revenue from operations rose to ₹2,417.87 crore in the quarter, up from ₹2,281.75 crore in the year-ago period.

The company also declared a final dividend of ₹2.50 per equity share for the financial year 2023-24, subject to shareholder approval at the upcoming annual general meeting.

As of 12:47 pm, CONCOR shares were trading 4.39% higher at ₹1,081.90 on the NSE. For the year ending March 2023, the company declared an equity dividend of 220%, amounting to ₹11 per share.