Rail reported EBITDA of INR349m (est. of INR386m; +2% YoY, -7% QoQ), led by 8% YoY growth (-4% QoQ) in container volumes to 58,720 TEUs. Rail volumes were impacted due to shift of traffic on account of increase in turn around times of trains due to capacity enhancement program by Indian railways in North west routes. Rail realization declined to INR32,936/TEU (-4% YoY, -1% QoQ) due to increase in discounts led by heightened competition. Hence EBITDA/TEU declined 5% YoY (-3% QoQ) to INR5940. Higher proportion of double stacking due to ramp up of Viramgam terminal partly negated the impact of higher turn around times. Productivity of rail segment will continue to be impacted in 4QFY18 due to higher turnaround times.