at INR2.2b (our estimate: INR2.62b; +41% YoY, -8% QoQ) was boosted by lower tax rate of 20.5% (due to 80IA benefits) as against 27% in 2QFY17. Key segmental trends: EXIM segment saw 4% YoY decline in realization to INR22,407/TEU (on originating volumes) as lead distance declined by ~88km due to shift of traffic to Mundra port from JNPT. Despite YoY lower realization in EXIM segment, CCRI increased its EBIT/TEU by 2% YoY, led by higher proportion of double stacking. Outlook/management guidance: Management expects lead distance in...