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Logistics
Muted growth in container volumes
Overall volumes at major ports during the first two months of
Q1FY12 registered an increase of 5.1% YoY to 99.7 million tonnes
(MT) while container volumes have increased by 1.0% YoY to 1.3
million TEUs (6.2% YoY in tonnage terms to 19.9 MT).
EBITDA margins to decline YoY and remain flat QoQ
We expect the EBITDA for the ICICIdirect.com coverage universe to
increase 8.5% YoY to | 474.9 crore mainly due to higher volumes.
EBITDA margins are expected to remain flat QoQ. However, they
would decline by 70 bps YoY to 19.5%. We expect the PAT for the
ICICIdirect.com coverage universe to increase 9.1% YoY to | 307.1
crore.
Company specific view
Company Remarks
Allcargo
Global
Logistics
We expect 13.0% YoY growth in revenues 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 60 bps YoY to 11.0%.
PAT is expected to increase 25.5% YoY on the back of the low base effect
Container
Corporation
We expect marginal volume growth of 1.0% 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 remain flat sequentially. EBITDA margins are
expected to decline 220 bps YoY to ~24.8%
Gateway
Distriparks
We expect 23.1% YoY revenue growth primarily on the back of better volumes. We
expect volume growth of 8% YoY in the CFS segment and 12% YoY in the rail
segment. Realisations are expected to improve 11% YoY in CFS and are expected to
remain flat in the rail segment
Sanghvi
Movers
On the back of a firm demand scenario from key user industry segments, we expect
capacity utilisation levels during Q1FY12E to remain stable at ~ 80%. However,
EBITDA margins are expected to decline 260 bps YoY to 72.0%
Transport
Corporation
We expect TCI to report a 17.1% YoY increase in revenue mainly on the back of a
healthy contribution from the SCS and XPS divisions. Furthermore, higher
contribution from high margin businesses (like SCS and XPS) is also expected to
result in a 50 bps improvement YoY to ~7.8%
Source: Company, ICICIdirect.com Research
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Logistics
Muted growth in container volumes
Overall volumes at major ports during the first two months of
Q1FY12 registered an increase of 5.1% YoY to 99.7 million tonnes
(MT) while container volumes have increased by 1.0% YoY to 1.3
million TEUs (6.2% YoY in tonnage terms to 19.9 MT).
EBITDA margins to decline YoY and remain flat QoQ
We expect the EBITDA for the ICICIdirect.com coverage universe to
increase 8.5% YoY to | 474.9 crore mainly due to higher volumes.
EBITDA margins are expected to remain flat QoQ. However, they
would decline by 70 bps YoY to 19.5%. We expect the PAT for the
ICICIdirect.com coverage universe to increase 9.1% YoY to | 307.1
crore.
Company specific view
Company Remarks
Allcargo
Global
Logistics
We expect 13.0% YoY growth in revenues 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 60 bps YoY to 11.0%.
PAT is expected to increase 25.5% YoY on the back of the low base effect
Container
Corporation
We expect marginal volume growth of 1.0% 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 remain flat sequentially. EBITDA margins are
expected to decline 220 bps YoY to ~24.8%
Gateway
Distriparks
We expect 23.1% YoY revenue growth primarily on the back of better volumes. We
expect volume growth of 8% YoY in the CFS segment and 12% YoY in the rail
segment. Realisations are expected to improve 11% YoY in CFS and are expected to
remain flat in the rail segment
Sanghvi
Movers
On the back of a firm demand scenario from key user industry segments, we expect
capacity utilisation levels during Q1FY12E to remain stable at ~ 80%. However,
EBITDA margins are expected to decline 260 bps YoY to 72.0%
Transport
Corporation
We expect TCI to report a 17.1% YoY increase in revenue mainly on the back of a
healthy contribution from the SCS and XPS divisions. Furthermore, higher
contribution from high margin businesses (like SCS and XPS) is also expected to
result in a 50 bps improvement YoY to ~7.8%
Source: Company, ICICIdirect.com Research
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