Container Corporation of India Ltd. share price target

10.1% YoY while domestic volume surged 28% YoY. Average lead distance for March 2017 was 958kms (down 7.7% YoY) with EXIM lead distance of 832kms down 10.6% YoY and domestic lead distance of 1,378kms down 5.1% YoY. EXIM lead distance is now down by 29% from levels of 1,176kms seen in April 2010. Reiterate Sell on Container Corporation of India (CCRI, TP Rs902) as structural issues of falling lead distances, competition from road and weak EXIM trade persist. While CCRI reported strong YoY volume growth of 15% in Q4FY17 led by higher double stacking, we expect YoY revenue growth of just 2.4% owing to falling lead distances,...

ICICI Securities Ltd | Retail Equity Research Revenues for Q3FY17 sequentially de-grew 3.5% (down 5.3% YoY) to | 1330.4 crore (I-direct estimate: | 1373.6 crore). The sequential growth was mainly impacted by Exim segment, which de-grew 7% YoY (down 6% QoQ) to | 1058 crore. The de-growth was partly moderated by flattish growth (up 9% QOQ) in domestic revenues, which was at | 272 crore. Exim now contributes 80% to total revenues (vs. earlier 82%). However, contribution from domestic inched up to...

ICICI Securities Ltd | Retail Equity Research Revenue in Q2FY17 grew 3% QoQ (down 8% YoY) to | 1379 crore (Idirect estimate: | 1425 crore). QoQ growth was mainly driven by Exim segment (82% of total revenues), up 3.5% QoQ (down 8.6% YoY) to | 1130 crore. However, this growth was offset by flat growth (down 6% QOQ) in domestic revenue (18% of revenues), at | 249 crore Total volumes for a second consecutive quarter recovered with growth of 4% YoY to 782000 TEUs (I-direct estimate: 775300 TEUs). Exim was the major contributor with growth of 5% YoY to 678000 TEUs but...

ICICI Securities Ltd | Retail Equity Research We recently met the management of Container Corporation of India (Concor), a market leader with ~73% market share in total container traffic carried by Indian Railways (IR). Concor was incorporated in March 1988, by taking over seven inland container depots (ICDs) from IR. As on FY16, it has the largest network of 64 terminals (13 - Exim, 16 - domestic & 34 - combined). In addition to the same, Concor is on track to set up private freight terminals and multi modal logistics parks (MMLPs) across...

Revenues for the quarter de-grew 6% YoY (up 5% QoQ) to | 1339 crore (I-direct estimate: | 1429 crore). Exim and domestic de-grew 6% YoY each to | 1091 crore and | 248 crore, respectively .Post a decline for four consecutive quarters, total volumes for Q1FY17 grew 2% YoY to 735060 TEUs (I-direct estimate: 736537 TEUs). Exim was the major contributor with a growth of 3% YoY to 631918 TEUs. However, domestic volumes moderated the same with de-growth of 4% YoY to 103142 TEUs. Given the lower lead distance, Exim and domestic realisation de-grew 8% and 2%, respectively.we continue to value Concor at a P/E of 25x FY18E earnings of | 64. ICICI Securities Limited maintain BUY with a target price of | 1600.

Revenue/EBITDA below estimates: Container Corporation's (CONCOR) 1QFY17 EBITDA of INR2.6b came in below estimate of INR2.8b (-9% YoY, +33% QoQ), primarily due to lower volumes and weak domestic performance. PAT of INR1.8b was also below...

ICICI Securities Ltd | Retail Equity Research Revenues for Q4FY16 sequentially remained flattish (down 5.5% YoY) to | 1415 crore. Exim revenues de-grew 6% YoY to | 1110.7...

Recovery in volumes qoq; expect volume growth in FY17. Key highlights: Revenue decline of 6%yoy (exim down 6.3%, domestic down 2.4%) was on 3.5% decline in volumes (exim down 5.2%, domestic up 6.2%). Lead distance loaded exim...

During the quarter ended December 2015, the top-line of the company declined by 3.3% on YoY basis to Rs. 14046 Mn on the back of decline in volume. The total volume handled by the company during the quarter under review declined by 5.64% to 710322 TEUs. The EBITDA margin of the company was adversely affected due to sharp increase in the empty haulage payment. The company reported EBITDA margin of 19.9% during the quarter under review as compared to 25.3% during the same period previous year.

Largest multimodal logistic company with over 75% market share in the container cargo transportation by rail: The company is currently operating 63 terminals with and handling capacity of 3Mn TEUs and over 250 rakes connecting to major ports and industrial estates. In FY15, the company carried 36.18 Mn tonnes as against the 48.83 Mn tonnes of originating containerized cargo transported by Indian railways.