Container Corporation of India posts Q1 profit rise on volume growth

BENGALURU (Reuters) - Container Corporation of India posted a 5% rise in first-quarter profit on Thursday, aided by strong cargo volume growth.

Consolidated net profit rose to 2.58 billion rupees ($30.7 million) for the quarter ended June 30, from 2.46 billion rupees a year ago.

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KEY CONTEXT

Container Corp's total throughput volume in the quarter rose 6% from a year earlier. Revenue from its largest segment, export-import, rose 7.3% to 13.22 billion rupees.

Logistics companies like Container Corp, which provides carrier, terminal operations and warehouse businesses, have gained from strong cargo movement into and out of the country, aided by strong commercial activity and domestic demand.

Larger peer Adani Ports and Special Economic Zone also reported a strong first quarter, aided by a rise in the cargo volumes.

PEER COMPARISON

Valuation (next Estimates (next 12 Analysts' sentiment

12 months) months)

RIC PE EV/EBIT Revenue profit Mean # of Stock to price Div

DA growth % growth % rating* analysts target ** yield

(%)

Container Corporation of 36.05 22.60 17.28 21.74 HOLD 11 0.95 1.12

India

Adani Ports and Special 28.52 18.89 14.07 24.16 BUY 17 0.92 0.40

Economic Zone

VRL Logistics - 11.12 13.56 54.18 BUY 9 0.79 0.92

Allcargo Logistics 24.50 8.78 6.95 267.16 BUY 2 0.69 1.33

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.9480 Indian rupees

(Reporting by Anisha Ajith in Bengaluru; Editing by Tasim Zahid)