Revenues for the quarter de-grew 6% YoY (up 5% QoQ) to | 1339 crore (I-direct estimate: | 1429 crore). Exim and domestic de-grew 6% YoY each to | 1091 crore and | 248 crore, respectively .Post a decline for four consecutive quarters, total volumes for Q1FY17 grew 2% YoY to 735060 TEUs (I-direct estimate: 736537 TEUs). Exim was the major contributor with a growth of 3% YoY to 631918 TEUs. However, domestic volumes moderated the same with de-growth of 4% YoY to 103142 TEUs. Given the lower lead distance, Exim and domestic realisation de-grew 8% and 2%, respectively.we continue to value Concor at a P/E of 25x FY18E earnings of | 64. ICICI Securities Limited maintain BUY with a target price of | 1600.