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CONCOR CMD: See downward revision in guidance; no information on divestment

Updated : October 31, 2019 01:47 PM IST

Container Corporation of India Ltd (CONCOR) reported flat Q2FY20 revenues and earnings before interest, tax, depreciation and amortization (Ebitda) on Thursday.

Adjusted revenues for the second quarter was up 1 percent year-on-year (YoY), while Ebitda was up 6 percent. Margins came in at 24.6 percent versus 23.4 percent YoY.

V Kalyana Rama, chairman and managing director, CONCOR, in an interview with CNBC-TV18 said that things have not improved in the second quarter as expected, the export-import volumes are still low leading to flat growth.

He added that CONCOR would be revising its guidance downwards. “We may achieve last year's volumes or maybe 1-2 percent up, while on the revenue side we could be only 4-5 percent up because of some adjustments and 5-8 percent up on PAT [profit after tax] side,” said Kalyana Rama.

With regards to demand, he said that even in the domestic market, it is flat. There is high amount of empty containers in the export-import segment.

He also confirmed that the companies does not have any information about divestment.
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