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Concor
Container Corporation (Concor) reported its 3QFY2011 results, marginally ahead of our
expectations on the earnings front, led by healthy performance by the exim segment, flat
depreciation and higher other income. The company reported 9.8% yoy growth in total
revenue to `971cr (v/s our estimate of `987cr). The exim segment reported revenue growth
of 13.4% yoy to `762cr, as inventory build-up ahead of the festive season improved volumes
across major ports. However, the domestic segment witnessed a revenue decline of 1.5% yoy
at `210cr. EBITDA margins came in at 28.9%, up marginally by 7bp yoy but by a healthy
116bp sequentially, on account of higher contribution from the high-margin exim segment.
Margins of the exim segment witnessed strong growth by 236bp yoy (up 232bp qoq) to
30.8%, while those for the domestic segment weakened considerably by 704bp yoy (up
148bp qoq) to 11.4%. Depreciation declined marginally by 0.1% yoy, while other income
rose sharply by 25.5% yoy for the quarter. Consequently, PAT grew by 13.9% yoy to
`228.5cr, above our estimates (`214cr). At the CMP of `1,240, Concor is trading at 17.2x its
FY2012E EPS and P/BV of 3.1x. We maintain our Reduce rating on the stock with a Target
Price of `1,194. We will be releasing a detailed note after the conference call today.
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