NCL reported numbers which were in-line with estimate. Going forward, while the existing facilities continue to deliver, volumes will increase only post commissioning of the Vapi ICD and Somathane expansion. NCL is well placed to capture the expected increase in EXIM trade due to various initiatives taken by the government. As per industry reports, the Indian logistics market is expected to grow at a CAGR of ~8% till 2020. Further, as per our understanding, threat of new entrants in the CFS and ICD (Inland Container Depots) industry is moderate due to limited land availability and that too at high prices at strategic locations near ports. This coupled with a host of...