Container Corp Q1 results: Net profit rises 14% to ₹317 crore, revenues increase 6.4%

BENGALURU, May 16 (Reuters) - State-run Container Corporation of India (CONCOR) posted a higher fourth-quarter profit on Thursday, helped by growing volumes in its mainstay export/import (EXIM) segment.

Consolidated net profit rose nearly 14% to 3.17 billion rupees (roughly $38 million) in the three months ended March, the country's largest container train operator said.

Buoyant commercial activity and robust domestic consumption in India, along with a resurgence of global trade bolstered cargo movement in and out of the country, benefiting freight handling companies, including carriers such as CONCOR.

Total revenue rose 6.4% to 23.25 billion rupees, led by a 9% rise in EXIM revenues. The mainstay segment formed 62% of the quarterly topline, driven by a 9.7% volume growth.

EXIM segment has been recovering after two years of sluggish performance, helping CONCOR regain market share from competitive private operators, analysts have noted.

Analysts said dedicated freight corridor (DFC) connectivity from Gujarat ports to Delhi hinterlands will aid CONCOR's EXIM segment.

Meanwhile, higher rail freight costs led to a 5.3% uptick in total expenses.

Shares of the company ended about 1% higher ahead of results on Thursday. ($1 = 83.4877 Indian rupees) (Reporting by Hritam Mukherjee in Bengaluru; Editing by Ravi Prakash Kumar)