CONCOR reports Q3 profit surge of 12.42%

The State-run Container Corporation of India (CONCOR) has reported a 12.42% increase in its consolidated net profit for the October-December quarter, reaching Rs 3.3074 billion compared to Rs 2.9420 billion in the previous year. As India's largest rail container hauler, CONCOR has also witnessed a 10.28% growth in consolidated revenue from operations during the third quarter of FY24, reaching Rs 22.1057 billion, up from Rs 20.0446 billion a year ago. During a meeting on Wednesday, the Board of Directors declared a third interim dividend of Rs4 per equity share for FY24, totalling Rs 2.4372 billion. Additionally, CONCOR disclosed that it has booked Rs 719.5 million for the land license fee (LLF) in the third quarter, bringing the total LLF booked for the nine months of FY24 to Rs 2.8752 billion. In another development, the Board of CONCOR has decided to expedite the transfer and sale of the concessional rights and fixed assets of Concor Air to Mumbai International Airport (MIAL), as per agreed terms and conditions. This move is taking place two years before the contract's scheduled expiry in January 2026. CONCOR stated that the termination is in the best interest of Concor Air, as the Adani Group, after acquiring the Mumbai airport, expressed its intention to handle air cargo operations independently. The senior official added that CONCOR has completed all necessary formalities to hand over the air cargo operations to one of the Adani Group companies.