10.1% YoY while domestic volume surged 28% YoY. Average lead distance for March 2017 was 958kms (down 7.7% YoY) with EXIM lead distance of 832kms down 10.6% YoY and domestic lead distance of 1,378kms down 5.1% YoY. EXIM lead distance is now down by 29% from levels of 1,176kms seen in April 2010. Reiterate Sell on Container Corporation of India (CCRI, TP Rs902) as structural issues of falling lead distances, competition from road and weak EXIM trade persist. While CCRI reported strong YoY volume growth of 15% in Q4FY17 led by higher double stacking, we expect YoY revenue growth of just 2.4% owing to falling lead distances,...