Container Corp. of India Ltd.'s net profit rose on robust volumes during the quarter, though it missed estimates.
Net profit rose 19% to Rs 295.86 crore in the quarter ended September, according to its exchange filing. That compares with the consensus estimate of Rs 307.6 crore among analysts tracked by Bloomberg.
Container Corp. Q2 FY23 Highlights (YoY)
Revenue rose 8% to Rs 1,986.34 crore, against estimates of Rs 2,043 crore.
Ebitda rose 17% to Rs 505.56 crore, compared with the forecast of Rs 485.5 crore.
Ebitda margin stood at 25.5%, compared with 23.4% a year ago and estimates of 23.8%.
The company paid Rs 191.49 crore as land licence fee to the Indian Railways in the six months ending September.
The central government is keen to sell its 30.8% stake in the company.
In September, to aid the disinvestment of the company, the Union Cabinet approved the lowering of the Railway Land Licensing Fee to 1.5%, from 6% of the market value of the land.
Lower land lease fees make the national container more lucrative for private players.
Shares of Container Corp. closed down 0.7% before the results were announced, against a 0.7% fall in the Nifty 50.
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