Container Corporation of India's quarterly profit falls on lower revenue from domestic cargo
May 22 (Reuters) - Container Corporation of India (CCRI.NS), opens new tab reported a 1.6% fall in fourth-quarter profit on Thursday, hurt by a revenue drop in its domestic cargo services.
The state-run rail logistics company's consolidated net profit fell to 2.99 billion rupees ($34.78 million) for the three months ending March 31, from 3.03 billion rupees a year ago.
Revenue from its domestic segment, which provides logistics services within India, shrunk about 10%, pushing down its overall revenue by 1.6% to 22.89 billion rupees.
For further earnings highlights, (click here).
Overall volume growth across India's logistics sector likely slowed in the quarter, as weak global trade and subdued demand in sectors such as autos, FMCG, and apparel weighed on activity, analysts said.
The share of cargo moved by rail declined, with more export-import volumes shifting to road transport, they added.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
JAN-MARCH STOCK PERFORMANCE
-- All data from LSEG IBES
($1 = 85.9690 Indian rupees)
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