Stable Performance; Strong Volume Growth on the Cards Navkar Corporation (NCL) has reported decent performance in 3QFY17, with its consolidated revenue growing by 4% YoY and 2% QoQ to Rs916mn. Notably, revenue growth surpassed volume growth, which grew by 2% YoY (flat 1% QoQ) to 82,472 TEUs. Further, realization rose by 2.5% QoQ and YoY to Rs10,933/TEU, aided by improved revenue-mix and lower share of empty cargoes (at 4,247 containers in 3QFY17 vs. 4,400 containers in 2QFY17). EBITDA adjusted for forex loss declined by 2% YoY (up +6% QoQ). While higher operating and employee expenses largely...