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Logistics
Container volumes outperform overall port volumes
Overall volumes at major ports during FY11 have registered a
marginal 1.6% YoY increase at 569.9 million tonnes (MT) while
container volumes have increased by 9.4% YoY to 7.5 million TEUs.
In Q4FY11, container volumes increased 7.0% YoY to ~1.94 million
TEUs. Going forward, we expect the trend of outperformance of
container volumes vis-à-vis overall port volumes to continue.
EBITDA margins to decline YoY and remain flat QoQ
We expect the EBITDA for the ICICIdirect.com coverage universe to
increase 17.4% YoY to | 483.2 crore mainly on account of higher
volumes and improved realisations. EBITDA margins are expected
to increase 130 bps YoY to 20.4%. We expect the PAT for the
ICICIdirect.com coverage universe to increase 16.9% YoY to | 315.0
crore.
Company specific view
Company Remarks
Allcargo
Global
Logistics
We expect 18.1% YoY growth in revenue on the back of a healthy performance
anticipated from ECU Line. ECU Line has reported good volume growth over the last
couple of quarters. EBITDA margins are expected to increase 70 bps YoY to 10.5%.
PAT is expected to increase 27.6% YoY on the back of the low base effect
Container
Corporation
We expect volume growth of 3.4% QoQ in the Exim segment and de-growth of 2.0%
QoQ in the domestic segment. Realisations are expected to be flattish QoQ. As a
result, revenues are expected to increase 2.5% QoQ. EBITDA margins are expected to
decline 160 bps QoQ to 27.3% but increase by 410 bps YoY
Gateway
Distriparks
We expect 16.6% YoY revenue growth on the back of better volumes and higher
realisations. We expect volume growth of 14% YoY in the CFS segment and 4.2% YoY
in the rail segment. Realisations are expected to improve 9.1% YoY in CFS. PAT is
expected to decline 4.4% YoY due to MAT credit during Q4FY10
Sanghvi
Movers
Due to an improved demand scenario from key user industry segments, capacity
utilisation levels during Q4FY11E are expected to be marginally higher YoY at ~ 80%.
EBITDA margins are expected to increase 70 bps YoY to 72.7%
Transport
Corporation
We expect TCI to report a 13.5% YoY increase in revenue mainly on the back of
healthy contribution from the supply chain and XPS division. EBIDTA margins are
expected to decline by 30 bps YoY to 7.8% on the back of higher costs
Source: Company, ICICIdirect.com Research
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Logistics
Container volumes outperform overall port volumes
Overall volumes at major ports during FY11 have registered a
marginal 1.6% YoY increase at 569.9 million tonnes (MT) while
container volumes have increased by 9.4% YoY to 7.5 million TEUs.
In Q4FY11, container volumes increased 7.0% YoY to ~1.94 million
TEUs. Going forward, we expect the trend of outperformance of
container volumes vis-à-vis overall port volumes to continue.
EBITDA margins to decline YoY and remain flat QoQ
We expect the EBITDA for the ICICIdirect.com coverage universe to
increase 17.4% YoY to | 483.2 crore mainly on account of higher
volumes and improved realisations. EBITDA margins are expected
to increase 130 bps YoY to 20.4%. We expect the PAT for the
ICICIdirect.com coverage universe to increase 16.9% YoY to | 315.0
crore.
Company specific view
Company Remarks
Allcargo
Global
Logistics
We expect 18.1% YoY growth in revenue on the back of a healthy performance
anticipated from ECU Line. ECU Line has reported good volume growth over the last
couple of quarters. EBITDA margins are expected to increase 70 bps YoY to 10.5%.
PAT is expected to increase 27.6% YoY on the back of the low base effect
Container
Corporation
We expect volume growth of 3.4% QoQ in the Exim segment and de-growth of 2.0%
QoQ in the domestic segment. Realisations are expected to be flattish QoQ. As a
result, revenues are expected to increase 2.5% QoQ. EBITDA margins are expected to
decline 160 bps QoQ to 27.3% but increase by 410 bps YoY
Gateway
Distriparks
We expect 16.6% YoY revenue growth on the back of better volumes and higher
realisations. We expect volume growth of 14% YoY in the CFS segment and 4.2% YoY
in the rail segment. Realisations are expected to improve 9.1% YoY in CFS. PAT is
expected to decline 4.4% YoY due to MAT credit during Q4FY10
Sanghvi
Movers
Due to an improved demand scenario from key user industry segments, capacity
utilisation levels during Q4FY11E are expected to be marginally higher YoY at ~ 80%.
EBITDA margins are expected to increase 70 bps YoY to 72.7%
Transport
Corporation
We expect TCI to report a 13.5% YoY increase in revenue mainly on the back of
healthy contribution from the supply chain and XPS division. EBIDTA margins are
expected to decline by 30 bps YoY to 7.8% on the back of higher costs
Source: Company, ICICIdirect.com Research
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