Navkar Corporation (NACO) 2QFY17 EBITDA at Rs 334mn was ~8.3% below our estimates, as prolonged monsoons resulted in higher operational costs. Despite ~7.9% YoY volume growth to 81,105 TEUs, net revenue growth for the JNPT assets was muted at ~0.7% YoY, as realisations declined ~6.6% YoY to Rs 10,461/TEU. Volumes at Vapi improved with NACO handling 1,225 TEUs vs. 305 TEUs in 1QFY17.