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Results
20-Jan-22
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Analysis
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Container Corporation Of India
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Sales up 9% facilitated by strong growth in domestic business
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Standalone sales for
the quarter ended Dec 2021 was up 9% to Rs 1919.98 crore. With OPM expand by
250 bps to 23.7%, the operating profit was up 23% to Rs 455.63 crore. With
other income was down 23% to Rs 63.22 crore. The interest cost was up 57% to Rs
13.16 crore. The depreciation was down 3% to Rs 132.43 crore. Thus the PBT was
up 21% to Rs 373.26 crore. The taxation was up 22% to Rs 86.73 crore and thus
the PAT was up 20% to Rs 286.53 crore.
Upside in revenue was largely due to 30% jump in segment revenue of Domestic
to Rs 590.49 crore driven by 26% jump in domestic throughput and 3% growth in
per TEU realisation. The segment revenue of EXIM was up by modest 2% to Rs
1329.49 crore as the throughput of it up 3% to 828661 TEUs and 1% fall in per
TEU realisation.
The EBIT was up 37% to Rs 350.49 crore driven by strong growth in
segment profit of both EXIM and Domestic. Segment profit of EXIM was up 37% to
Rs 309.83 crore and that of Domestic was up 33% to Rs 40.66 crore.
Land Licence Fee for the quarter was Rs 110.86 crore down from Rs 120.5
crore in corresponding previous period.
Standalone nine-month performance
Standalone sales for
the nine month ended Dec 2021 was up 25% to Rs 5551.44 crore. With OPM expand
by 470 bps to 23.7%, the operating profit was up 56% to Rs 1315.62 crore. After
accounting for lower other income, higher interest and higher depreciation, the
PBT was up 67% to Rs 1069.88 crore. The EO expense was RS 0.08 crore against
nil in the corresponding previous period. Thus the PBT after EO was up 67% to
Rs 1069.80 crore. The taxation was up 72% to Rs 264.31 crore and
thus the PAT was up 65% to Rs 805.49 crore.
Upside in revenue was largely due to strong growth reported by domestic
and EXIM. The segment revenue of domestic was up 45% to Rs 1622.64
crore driven by 40% jump in domestic throughput and 4% growth in per TEU
realisation. The segment revenue of EXIM was up by 18% to Rs 3928.80 crore as
the throughput of it up 12% to 2436163 TEUs and 5% increase in per TEU
realisation.
The EBIT was up 82% to Rs 1016.69 crore driven by strong growth in
segment profit of both EXIM and Domestic. Segment profit of EXIM was up 78% to
Rs 875.22 crore and that of Domestic was up 112% to Rs 141.47 crore.
Land Licence Fee for the quarter was Rs 336.78 crore down from Rs 353.81
crore in corresponding previous period.
Consolidated quarterly performance
Consolidated net
sales (including other operating income) of Container Corporation Of India has
increased 9.69% to Rs 1938.03 crore. Sales of Exim segment has gone
up 2.39% to Rs 1,329.89 crore (accounting for 68.62% of total
sales). Sales of Domestic segment has gone up 29.94% to Rs 608.14
crore (accounting for 31.38% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 35.28% to Rs 342.11 crore. PBIT of Exim segment rose 37.15%
to Rs 309.80 crore (accounting for 90.56% of total PBIT). PBIT of
Domestic segment rose 19.67% to Rs 32.31 crore (accounting for 9.44% of total
PBIT).
PBIT margin of Exim segment rose from 17.39% to 23.30%. PBIT
margin of Domestic segment fell from 5.77% to 5.31%. Overall PBIT
margin rose from 14.31% to 17.65%.
Operating profit
margin has jumped from 21.28% to 23.81%, leading to 22.68% rise in operating
profit to Rs 461.38 crore. Employee cost decreased from 7.56% to
4.99%. Other expenses rose from 71.15% to 71.20%.
Freight charges rose from 52.77% to 53.82%. Other
direct service cost fell from 15.33% to 14.63%.
Other income fell 25.35% to Rs 56.15 crore. PBIDT rose 14.68%
to Rs 517.53 crore. Provision for interest rose 43.72% to Rs 15.22
crore.
PBDT rose 13.98% to Rs 502.31 crore. Provision for
depreciation fell 2.92% to Rs 140.17 crore.
Profit before tax grew 22.21% to Rs 362.14 crore. Share of
profit/loss was 4.99% lower at Rs 7.04 crore. Provision for tax was
expense of Rs 85.79 crore, compared to Rs 70.66 crore. Effective tax
rate was 23.24% compared to 23.26%.
Minority interest
decreased 1.67% to Rs -1.22 crore. Net profit attributable to owners
of the company increased 21.49% to Rs 284.61 crore.
Consolidated Nine-month performance
Consolidated net sales has increased 25.16% to Rs 5595.17
crore. Sales of Exim segment has gone up 18.00% to Rs 3,930.18 crore
(accounting for 70.24% of total sales). Sales of Domestic segment
has gone up 46.07% to Rs 1,664.99 crore (accounting for 29.76% of total
sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 85.05% to Rs 1,002.76 crore. PBIT of Exim segment rose 78.58%
to Rs 874.32 crore (accounting for 87.19% of total PBIT). PBIT of
Domestic segment rose 145.63% to Rs 128.44 crore (accounting for 12.81% of
total PBIT).
PBIT margin of Exim segment rose from 14.70% to 22.25%. PBIT
margin of Domestic segment rose from 4.59% to 7.71%. Overall PBIT
margin rose from 12.12% to 17.92%.
Operating profit
margin has jumped from 19.04% to 23.80%, leading to 56.43% rise in operating
profit to Rs 1,331.44 crore. Employee cost decreased from 6.69% to
5.30%. Other expenses fell from 74.27% to 70.90%.
Freight charges fell from 53.80% to 53.47%. Other
direct service cost fell from 16.62% to 14.70%.
Other income fell 10.71% to Rs 176.08 crore. PBIDT rose
43.80% to Rs 1507.52 crore. Provision for interest rose 45.68% to Rs
46.85 crore.
PBDT rose 43.75% to Rs 1460.67 crore. Provision for
depreciation rose 2.22% to Rs 422.38 crore.
Profit before tax
grew 72.20% to Rs 1,038.29 crore. Share of profit/loss was 23.03%
lower at Rs 19.18 crore. Provision for tax was expense of Rs 262.43
crore, compared to Rs 152.23 crore. Effective tax rate was 24.82%
compared to 24.25%.
Minority interest increased 34.72% to Rs -2.52 crore. Net
profit attributable to owners of the company increased 66.33% to Rs 797.56
crore.
Other developments
The
Board of Directors has declared 2nd Interim Dividend of Rs 2 / -Per equity share (face value of Rs 5 / - per equity share) amounting to Rs 121.86
Crore.
Promoters’ stake was 54.80% as of 31 December 2021, compared to 54.80%
as of 31 December 2020.
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Container
Corporation of India: Result
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Particulars
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2112
(3)
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2012
(3)
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Var.
(%)
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2112
(9)
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2012
(9)
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Var.
(%)
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2103
(12)
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2003
(12)
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Var.(%)
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Net
sales
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1919.98
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1753.82
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9
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5551.44
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4445.69
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25
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6384.96
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6473.79
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-1
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OPM(%)
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23.7
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21.2
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23.7
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19.0
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16.2
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25.9
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OP
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455.63
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371.88
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23
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1315.62
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843.86
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56
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1032.86
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1674.93
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-38
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Other
Income
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63.22
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82.17
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-23
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193.75
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212.28
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-9
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285.48
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279.73
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2
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PBIDT
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518.85
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454.05
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14
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1509.37
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1056.14
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43
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1318.34
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1954.66
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-33
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Interest
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13.16
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8.40
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57
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40.59
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25.38
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60
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33.96
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36.07
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-6
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PBDT
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505.69
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445.65
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13
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1468.78
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1030.76
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42
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1284.38
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1918.59
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-33
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Depreciation
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132.43
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136.39
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-3
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398.90
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389.56
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2
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521.92
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513.00
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2
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PBT
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373.26
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309.26
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21
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1069.88
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641.20
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67
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762.46
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1405.59
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-46
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EO
Income
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0.00
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0.00
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-0.08
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0.00
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-83.36
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-881.63
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-91
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PBT
After EO
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373.26
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309.26
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21
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1069.80
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641.20
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67
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679.10
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523.96
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30
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Tax
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86.73
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71.36
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22
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264.31
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154.05
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72
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175.77
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148.18
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19
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PAT
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286.53
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237.90
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20
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805.49
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487.15
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65
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503.33
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375.78
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34
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Prior
period adjustment
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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Net
profit
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286.53
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237.90
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20
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805.49
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487.15
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65
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503.33
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375.78
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34
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EPS(Rs)*
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#
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#
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#
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#
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9.3
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16.5
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*Annualised
on current equity of Rs 304.65 crore; Face Value of Rs 5
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Figures
in Rs crore
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Source:
Capitaline Corporate Databases
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Container
Corporation of India: Segment Results
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Segment
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% to
total
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2112
(3)
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2012
(3)
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Var.(%)
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% to
total
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2112
(9)
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2012
(9)
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Var.(%)
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% to
total
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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EXIM
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69
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1329.49
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1298.56
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2
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71
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3928.80
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3329.24
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18
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74
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4712.99
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4930.13
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-4
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Domestic
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31
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590.49
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455.26
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30
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29
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1622.64
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1116.45
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45
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26
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1671.97
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1543.66
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8
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Total
Sales
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100
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1919.98
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1753.82
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9
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100
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5551.44
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4445.69
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25
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100
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6384.96
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6473.79
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-1
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PBIT
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EXIM
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88
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309.83
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226.07
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37
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86
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875.22
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491.41
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78
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93
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646.36
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368.38
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75
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Domestic
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12
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40.66
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30.49
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33
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14
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141.47
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66.72
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112
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7
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48.34
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80.85
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-40
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Total
PBIT
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100
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350.49
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256.56
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37
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100
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1016.69
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558.13
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82
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100
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694.70
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449.23
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55
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LESS:
Interest expenes
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13.16
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8.40
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57
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40.59
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25.38
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60
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33.96
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36.07
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Other
unallocable expenses
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-35.93
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-61.10
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-41
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-93.78
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-108.45
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-14
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-101.72
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-131.38
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-23
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EO
Income
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-0.08
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-83.36
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-20.58
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PBT
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373.26
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309.26
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21
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1069.80
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641.20
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67
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679.10
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523.96
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30
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Note:
Figures in Rs crore
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| Container Corporation Of India : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,938.03 | 1,766.89 | 9.69 | 5,595.17 | 4,470.39 | 25.16 | 6,427.08 | 6,539.42 | -1.72 | | OPM (%) | 23.81 | 21.28 | 252 bps | 23.80 | 19.04 | 476 bps | 16.29 | 25.90 | -961 bps | | OP | 461.38 | 376.07 | 22.68 | 1,331.44 | 851.12 | 56.43 | 1,046.80 | 1,693.80 | -38.20 | | Other Inc. | 56.15 | 75.22 | -25.35 | 176.08 | 197.19 | -10.71 | 270.41 | 253.44 | 6.70 | | PBIDT | 517.53 | 451.29 | 14.68 | 1,507.52 | 1,048.31 | 43.80 | 1,317.21 | 1,947.24 | -32.36 | | Interest | 15.22 | 10.59 | 43.72 | 46.85 | 32.16 | 45.68 | 42.90 | 46.05 | -6.84 | | PBDT | 502.31 | 440.70 | 13.98 | 1,460.67 | 1,016.15 | 43.75 | 1,274.31 | 1,901.19 | -32.97 | | Depreciation | 140.17 | 144.38 | -2.92 | 422.38 | 413.2 | 2.22 | 553.38 | 544.41 | 1.65 | | PBT | 362.14 | 296.32 | 22.21 | 1038.29 | 602.95 | 72.20 | 720.93 | 1356.78 | -46.86 | | Share of Profit/(Loss) from Associates | 7.04 | 7.41 | -4.99 | 19.18 | 24.92 | -23.03 | 31.31 | 38.83 | -19.37 | | PBT before EO | 369.18 | 303.73 | 21.55 | 1057.47 | 627.87 | 68.42 | 752.24 | 1395.61 | -46.10 | | EO Income | 0 | 0 | - | 0 | 0 | - | -78.65 | -851.82 | 90.77 | | PBT after EO | 369.18 | 303.73 | 21.55 | 1057.47 | 627.87 | 68.42 | 673.59 | 543.79 | 23.87 | | Taxation | 85.79 | 70.66 | 21.41 | 262.43 | 152.23 | 72.39 | 172.98 | 138.09 | 25.27 | | PAT | 283.39 | 233.07 | 21.59 | 795.04 | 475.64 | 67.15 | 500.61 | 405.7 | 23.39 | | Minority Interest (MI) | -1.22 | -1.2 | -1.67 | -2.52 | -3.86 | 34.72 | -4.53 | 2.18 | LP | | Net profit | 284.61 | 234.27 | 21.49 | 797.56 | 479.5 | 66.33 | 505.14 | 403.52 | 25.18 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 284.61 | 234.27 | 21.49 | 797.56 | 479.5 | 66.33 | 505.14 | 403.52 | 25.18 | | EPS (Rs)* | 4.67 | 3.84 | 21.49 | 13.09 | 7.87 | 66.33 | 9.24 | 16.72 | -44.72 | | | * EPS is on current equity of Rs 304.65 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Container Corporation Of India : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Exim | 68.62 | 1,329.89 | 1,298.87 | 2.39 | 70.24 | 3,930.18 | 3,330.56 | 18.00 | 73.36 | 4,714.84 | 4,930.91 | -4.38 | | Domestic | 31.38 | 608.14 | 468.02 | 29.94 | 29.76 | 1,664.99 | 1,139.83 | 46.07 | 26.64 | 1,712.24 | 1,608.29 | 6.46 | | Total Reported Sales | 100.00 | 1,938.03 | 1,766.89 | 9.69 | 100.00 | 5,595.17 | 4,470.39 | 25.16 | 100.00 | 6,427.08 | 6,539.20 | -1.71 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,938.03 | 1,766.89 | 9.69 | 100.00 | 5,595.17 | 4,470.39 | 25.16 | 100.00 | 6,427.08 | 6,539.20 | -1.71 | | PBIT | | Exim | 90.56 | 309.80 | 225.89 | 37.15 | 87.19 | 874.32 | 489.60 | 78.58 | 95.28 | 644.06 | 363.20 | 77.33 | | Domestic | 9.44 | 32.31 | 27.00 | 19.67 | 12.81 | 128.44 | 52.29 | 145.63 | 4.72 | 31.89 | 73.50 | -56.61 | | Total PBIT | 100.00 | 342.11 | 252.89 | 35.28 | 100.00 | 1,002.76 | 541.89 | 85.05 | 100.00 | 675.95 | 436.70 | 54.79 | | Less : Interest | | 15.22 | 10.59 | 43.72 | | 46.85 | 32.16 | 45.68 | | 42.90 | 46.05 | -6.84 | | Add: Other un-allcoable | | 42.29 | 61.43 | -31.16 | | 101.56 | 118.14 | -14.03 | | 40.54 | 153.14 | -73.53 | | PBIT Margin(%) | | Exim | | 23.30 | 17.39 | 590.39 | | 22.25 | 14.70 | 754.61 | | 13.66 | 7.37 | 629.45 | | Domestic | | 5.31 | 5.77 | -45.61 | | 7.71 | 4.59 | 312.66 | | 1.86 | 4.57 | -270.76 | | PBT | 100.00 | 369.18 | 303.73 | 21.55 | 100.00 | 1,057.47 | 627.87 | 68.42 | 100.00 | 673.59 | 543.79 | 23.87 |
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