Concor reported weak numbers with reported revenues and PAT below Idirect estimates. The company did not record any exceptional income during the quarter vs. | 84 crore in Q3FY19. Operationally, Exim volumes de-grew 2% (realisation de-growth of 1%YoY) while domestic volumes grew ~ 2% (realisation de-growth of 2%). Exim revenues de-grew 4% to | 1171 crore while domestic revenues remained at | 356 crore. Standalone EBITDA margins grew 312 bps YoY to 24.3% while absolute EBITDA grew 11%. Due to the inclusion of SEIS income in the previous comparable...