/Reuters Agency
Container Corporation of India reported an increase in its quarterly profits, driven by solid growth in cargo volume from its export-import operations and domestic business.
The consolidated net profit of this state-owned railway logistics company increased to 3.79 billion Indian rupees (43.12 million dollars) during the July to September period, compared to 3.65 billion rupees from the previous year.
Operating revenue increased by approximately 3%, about USD 266,300,000, driven by a 10.5% growth in cargo volume.
The September quarter typically precedes India’s festive period, which this year stretched from late September to late October, when increased consumer spending on products like clothing and electronics boosts the demand for logistics services.
That uptick in consumption, along with steady trading activity, sustained the growth in the company’s cargo volumes. Volumes in its export and import business, which represents 67% of its total revenue, increased by 9%, while domestic cargo volumes rose by nearly 17%.
