Container Corporation of India's (CONCOR) consolidated net profit slipped 9.4% to Rs 313.47 crore on 14.3% decline in net sales to Rs 1,584.31 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) dropped 14% to Rs 410.88 crore in Q4 March 2020 as against Rs 477.94 crore in Q4 March 2019. Current tax expense skid 25.31% to Rs 67.60 crore in Q4 March 2020 as against Rs 90.51 crore in Q4 March 2019.
The board has proposed final dividend of Rs 2.85 per equity share. The result was announced post trading hours yesterday, 25 June 2020.
The company said its business adversely impacted due to the COVID-19 lockdown and resulted into fall in revenue from operation for quarter ended March 2020 by almost 9%. The impact of COVID-19 on business is expected to be experienced in financial year 2020-2021 also, it added.
CONCOR is engaged in transportation of containers (rail and road), and handling of containers. The firm is also engaged in the operation of logistics facilities, including dry ports, container freight stations and private freight terminals.
Shares of CONCOR rose 0.65% to Rs 428.75 on BSE. As of 31 March 2020, the Government of India holds 54.80% stake in the company.
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