CONCOR shares surge over 3%; Jefferies maintains 'buy' on stock, target price raised to Rs 825

CONCOR share price: Shares of Container Corporation of India (CONCOR) rallied as much as 3.6 per cent to hit a high of Rs 724.40 apiece on the BSE on Thursday, September 14. Foreign brokerage Jefferies has maintained a 'buy' call on the stock and has raised the target price to Rs 825 from Rs 775 earlier.

The scrip finally ended at Rs 720.35, up 3.05 per cent.

CONCOR Q1 Results 

The company posted a standalone profit after tax (PAT) of Rs 244 crore for the quarter ended June 30, 2023, against an estimate of Rs 296 crore. The revenue for the quarter stood at Rs 1,919.3 crore, against the estimate of Rs 2,072 crore.

The company's margin, a key measure of profitability, came in at 20.4 per cent against the estimate of 23.07 per cent. The earnings before interest, taxes, depreciation, and amortisation, or EBITDA, stood at Rs 392 crore, against the estimate of Rs 472.5 crore.

About CONCOR

Container Corporation of India Ltd. (CONCOR) was incorporated in March 1988 under the Companies Act and commenced operation in November 1989, taking over the existing network of 7 inland container depots (ICDs) from the Indian Railways.

The main objective of the company is to promote containerisation, give a boost to Indian international trade, and commence by organising multi-model logistic support.