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P r o f i t a b i l i t y g r o w t h l e d b y E x i m r e a l i s a t i o n …
Container Corporation of India (Concor) reported Q3FY12 PAT of | 241.4
crore, which is above our estimate of | 227.8 crore, on account of
growth in Exim realisations. In Q3FY12, domestic volumes declined
17.4% YoY while Exim volumes increased 7.3% YoY. The fall in
domestic volumes was primarily on account of a change in freight
policy. Exim volumes exhibited strong growth primarily due to increased
volume traffic in Pipavav, Mundra and between several ports in Southern
India. Revenues grew 7.7% YoY to | 1046.2 crore, mainly on account of
11.8% YoY revenue growth in the Exim segment. The EBITDA margin for
Q3FY12 contracted 238 bps YoY to 26.5%, primarily due to empty flat
running expense of | 36 crore (| 22.3 crore in Q3FY11). Revenue share
of the rail freight business declined from 77% in Q3FY11 to 75.3% in
Q3FY12.
Highlights for the quarter
ƒ Exim route volumes increased 7.3% YoY to 5,55,399 TEUs in
Q3FY12. The realisations in the Exim route grew 4.1% YoY to
| 15328 per TEU, mainly due to higher proportion of value added
services. The revenue from the Exim segment increased 11.8% YoY
to | 851.34 crore
ƒ Domestic route volumes declined 17.4% YoY to 1,20,108 TEUs in
Q3FY12. Realisations in the domestic route increased 12.6% YoY to
| 16227 per TEU. The revenue from the domestic segment
decreased by 6.9% YoY to | 194.90 crore
V a l u a t i o n
Concor has maintained its market leadership and has the strongest
balance sheet among its logistics peers. However, privatisation of
container haulage has exposed it to competition, putting its market
dominance at risk. We recommend a HOLD rating on the stock based on
13x FY13 EPS with a target price of | 994.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
PDF link for report- click here
P r o f i t a b i l i t y g r o w t h l e d b y E x i m r e a l i s a t i o n …
Container Corporation of India (Concor) reported Q3FY12 PAT of | 241.4
crore, which is above our estimate of | 227.8 crore, on account of
growth in Exim realisations. In Q3FY12, domestic volumes declined
17.4% YoY while Exim volumes increased 7.3% YoY. The fall in
domestic volumes was primarily on account of a change in freight
policy. Exim volumes exhibited strong growth primarily due to increased
volume traffic in Pipavav, Mundra and between several ports in Southern
India. Revenues grew 7.7% YoY to | 1046.2 crore, mainly on account of
11.8% YoY revenue growth in the Exim segment. The EBITDA margin for
Q3FY12 contracted 238 bps YoY to 26.5%, primarily due to empty flat
running expense of | 36 crore (| 22.3 crore in Q3FY11). Revenue share
of the rail freight business declined from 77% in Q3FY11 to 75.3% in
Q3FY12.
Highlights for the quarter
ƒ Exim route volumes increased 7.3% YoY to 5,55,399 TEUs in
Q3FY12. The realisations in the Exim route grew 4.1% YoY to
| 15328 per TEU, mainly due to higher proportion of value added
services. The revenue from the Exim segment increased 11.8% YoY
to | 851.34 crore
ƒ Domestic route volumes declined 17.4% YoY to 1,20,108 TEUs in
Q3FY12. Realisations in the domestic route increased 12.6% YoY to
| 16227 per TEU. The revenue from the domestic segment
decreased by 6.9% YoY to | 194.90 crore
V a l u a t i o n
Concor has maintained its market leadership and has the strongest
balance sheet among its logistics peers. However, privatisation of
container haulage has exposed it to competition, putting its market
dominance at risk. We recommend a HOLD rating on the stock based on
13x FY13 EPS with a target price of | 994.
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