Well-placed to Cash in Likely Rise in EXIM Trade Navkar Corporation's (NCL) reported numbers for 1QFY17 are largely in-line with our estimate. Its consolidated revenue grew by 10% yoy (-1% qoq) to Rs902mn. However, growth in revenue was lower than volume growth, which rose by 15% yoy (up 1% qoq) to 81,866 TEUs, primarily due to 6% yoy (3% qoq) decline in realization to Rs10,748/TEU on account of higher share of empty cargoes at 5,300 containers vis--vis 1,200 in 4QFY16. EBITDA adjusted for forex loss rose by 2.2% yoy (flat qoq) slower than revenue growth largely due to 3-4% yoy higher cost...