Weak quarter; Land License Fee shocker. Move rating to Accumulate Q1FY21 report lower than estimated Sales, EBIDTA, and PAT during the quarter. Revenue at Rs ~11.9Bn, down -27% YoY /-24% QoQ led -21%/8% volume/realisation decline. Margins at 13.4%, a multi-year low. Expects improvement in H2FY21. Q2 will be better than Q1FY21. Ministry of Railways has demanded for Rs 7.77Bn as LLF for FY21 for the Okhla and Tughlakabad Terminals of CONCOR at Delhi. However, company believes that demand is not as per the Railway's extant policy. Rs 1.2Bn has been provided for the quarter....