Container Corporation Q4FY11 Result Update; Subdued FY11, Testing times ahead; Emkay

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Container Corporation Q4FY11 Result Update; Subdued FY11, Testing times ahead; Not Rated

n    Revenues of Rs 38.3bn for FY11, growth of 2.6% yoy with EXIM business contribution at 78% remains same as FY10

n    Volume throughput for Exim business crossed 2mn TEUs mark with an increase of 7.2% yoy, while domestic volume grew merely by 0.9%

n    PBIT Margins for domestic business drop to 10.8% for FY11, due to empty running costs (7.3% of revenue) and inability to pass freight rate hikes

n    Capex for FY12E guided at Rs 7bn for Terminals, Rakes and land acquisition for Logistics Distriparks. Cash in the books at Rs 24bn, enough to fund capex