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Logistics
ƒ Muted growth in container volumes
Overall volumes at 12 major ports during the first five months of FY12
registered an increase of 4.6% YoY to 237.4 million tonnes (MMT) while
container volumes increased by 4.5% YoY to 3.23 million TEUs.
Volumes at major ports during the first two months of Q2FY12 exhibited
an increase of 3.5% YoY and stood at 90.8 million tonnes (MMT) while
container volumes for the same period increased by 6.7% and stood at
1.28 million TEUs.
ƒ EBITDA margins to decline YoY and remain flat QoQ
We expect the EBITDA for the I-direct coverage universe to increase
15.3% YoY to | 546.4 crore mainly on account of higher volumes.
EBITDA margins are expected to decline marginally by 10 bps YoY at
20.3%. We expect the PAT for the I-direct coverage universe to increase
17.6% YoY to | 379.8 crore.
Company specific view
Company Remarks
Allcargo Global
Logistics
We expect 25% 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 remain flat YoY at 11.1%
Container
Corporation
We expect marginal volume growth of 1% QoQ in the Exim segment and de-growth
of 2.0% QoQ in the domestic segment. Realisations are expected to be flattish QoQ.
Revenues are expected to increase 8.47% YoY. EBITDA margins are expected to
decline by 60 bps YoY to ~27.1%
Gateway
Distriparks
We expect 30.8% YoY revenue growth primarily on the back of better volumes. We
expect volume growth of 4% YoY in the CFS segment and 26.7% YoY in the rail
segment. Realisations are expected to improve 38.7% YoY in CFS and decline by
3.8% YoY 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 Q2FY12E to remain stable at ~ 80%. However,
EBITDA margins are expected to increase by 12 bps YoY to 71.1%
Transport
Corporation
We expect TCI to report a 13.4% YoY increase in revenue mainly on the back of a
healthy contribution from the SCS and XPS divisions. Higher contribution from high
margin businesses (like SCS and XPS) is also expected to result in a 22 bps
improvement in EBITDA margin YoY to ~8.2%
Source: Company, ICICIdirect.com Research
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