Strong growth with margin improvement in rail logistics: The rail logistics business of the company has witnessed strong growth of 22% in FY15 with margins improving by over 600 bps on back of tariff hikes in Dec-14 and Mar-15. It has also resorted to double stacking of containers to reduce haulage charges. Though volume growth is likely to remain muted in H1FY16 due to increase in tariffs, it is expected to pick up H2FY16. However, with double stacking and higher proportion of imports handle margins are likely to be sustained. Further, government initiatives to set up Dedicated Freight Corridors (DFC) will aid to...