This was weighed by the COVID-19 impact on volumes (-21% YoY) and structural increase in fixed cost due to a >5x increase in land license fee (LLF) charged by the Railways for the use of its land. Revenue declined to INR11.9b (-27% YoY / -24% QoQ), v/s our estimate of INR12.1b, on weaker volumes and realization. EXIM volumes stood at 627,905 TEUs (-20% YoY / -19% QoQ) and domestic volumes were at 104,806 TEUs (-25% YoY / -37% QoQ). EXIM realization was weak at INR14,344/TEU (-11% YoY / -2% QoQ), while domestic realization stood at INR27,524/TEU (+5% YoY / +4% QoQ). Total expenditure, however, declined marginally to INR10.3b (-17% YoY, -6% QoQ) on higher LLF effective from 1QFY21. However, from 1QFY21, MoR changed the LLF charged to 6% of the value of the land and raised demand for INR7.76b for FY21 (>5x of INR1.