Concor hopes to maintain profit growth

Concor hopes to maintain profit growth

New Delhi: State-owned Container Corp. of India Ltd (Concor) expects to maintain its profit and revenue growth rate for the current fiscal year to March 2009 despite a market slowdown, its managing director said on Thursday.

The logistics firm’s cost controls and higher realizations will help it maintain its margins, while capital expenditure plans also stay on track, Rakesh Mehrotra said.

“In spite of all factors against us, we have still done better than what was expected. In terms of top line and bottom line growth, that we will be able to maintain," he told investors in a conference call, a day after its quarterly results.

Concor’s revenue in the previous fiscal year to March had risen 9.5% to Rs3,347 crore and net profit rose 7.8% to Rs750 crore. Second quarter profit rose 28.7% to Rs224 crore, while sales rose 10% to Rs903 crore. The firm’s shares closed up 2.7% at Rs715 on Thursday, after touching their year’s low at Rs666 in early trade, on the Bombay Stock Exchange, which closed down 2.1%.