Navkar Corporation (NCL) has delivered a dull performance in 4QFY17. Revenue growth surpassed volume growth, and grew by 8.4% YoY and 8.2% QoQ to Rs991mn. Volume grew by 1.5% YoY (flat QoQ) to 82,406 TEUs, while realization grew by 10% QoQ and 6.8% YoY to Rs12,022/TEU. Realization growth was aided by improved revenue-mix and lower share of empty cargoes, which stood at 2,574 in 4QFY17compared to 4,247 in 3QFY17. However, NCL's EBITDA declined by 7.5% YoY and 1.7% QoQ to Rs349mn partly due to certain one-off expenses relating to: (1) loss on sale of asset; (2) employee bonus accounting post IND-AS; (3) higher operating and employee cost relating to Greenfield project at Vapi, which is in completion...