Navkar Corporation Ltd. (NCL) reported better than expected profit largely due to higher other income. On a consolidated basis, revenue grew by 4.6% yoy and 3.1% qoq to Rs882mn. Revenue growth, however, was lower than volume growth of 18.4% yoy and 6.7% qoq to 80,815 TEUs, as realization fell by 13% yoy and 4% qoq to Rs10,667/TEU due to higher export-import mix at 48:52 and higher share of empty cargo in overall cargo handled. EBITDA adjusted for forex loss increased 1% yoy and was flat on a qoq basis, largely due to higher operating expenses and staff costs. This increase can be attributed to the ongoing capex at Vapi and...