EBITDA margin, thus, improved by 4pp We have cut our FY21/FY22 estimates on weaker volume outlook and sharp increase in land license fee by the Railways. We maintain expected longer-term volume and margin benefits from the commissioning of the Dedicated Freight Corridor (DFC) project by end-FY21. came in at 775,319 TEUs (-5% YoY) and domestic volumes at 165,951 TEUs CCRIs 4QFY20 reported revenues came in at INR15.7b (-10% YoY, +3% QoQ), below est. EBITDA stood at INR4.7b (+24% YoY, +28% QoQ) above est. FY20 Adj. PAT stood at INR10.1, down 16.7% During FY20, CCRI lost 6% market share as it chose not to match the aggressive pricing of private companies in short-haul freight. CCRI had announced a price hike earlier but has deferred it to 1 DFC commissioning has been delayed to end-FY21 (v/s Jul20 expected earlier). Dedicated Freight Corridor (DFC) commissioning has been delayed to end-FY21 (v/s Jul20 expected earlier), delaying the likely benefit from the project to CCRI.