Hyderabad: Container Corporation of India Limited (Concor) is expecting to push its revenue for the financial year 2018-19 to Rs 7,000 crore and is on its way to becoming a "Billion Dollar" company, the Chairman and Managing Director (CMD) of the public sector undertaking (PSU), V Kalyana Rama, said at a press conference on Wednesday. The company is yet to announce the financial results for the fourth quarter of FY19.
"I will not be able to give the exact financial figures now because our board meeting for considering financials will be held on April 30. With this performance, I am sure that we will be crossing a turnover of Rs 7,000 crore. And as it is we will be a Billion Dollar company," Rama said.
The company reported Rs 6,167 crore revenues in the last financial year.
The PSU handled over 46.25 million tonnes last year and registered more than seven percent growth over the previous year. In 2018-19, Concor registered 8.5 percent growth in throughput at 3.83 million Twenty-foot Equivalent Units (TEUs) compared to 3.53 m TEUs in the previous fiscal.
While asserting that the company committed Rs 6,000 crore investment towards capex for five years starting FY18, Rama said that he hopes to achieve 10 to 12 percent growth in terms of volume during the current fiscal.
The CMD also said that in the next five years, Concor is planning to set up 20 distribution logistics nodes across the country. The first of these was commissioned in Chennai last month. Concor also plans to increase the total number of terminals from present 83 to over 100 over the next three years.
The PSU, which primarily moves containers, is also planning to diversify into distribution logistics, integrated logistics and manufacturing zone, said the CMD.