Container Corporation of India Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Adjusted revenues (net of incentives) grew 19% YoY to | 1722 crore (Idirect estimate: | 1484 crore). While domestic revenues grew 23% YoY to | 355 crore (I-direct estimate: | 306 crore), Exim revenue (excluding SEIS income) grew 20% YoY to | 1367 crore (I-direct...

Revenue fell by 4.41% to Rs. 1568.27 Cr in Q1FY19 when compared to the previous quarter. Container Corporation Of India Ltd Q1FY19 results Comment

ICICI Securities Ltd | Retail Equity Research Revenues grew 2% YoY to | 1498 crore (I-direct estimate: | 1477 crore). While domestic revenues grew 1% YoY to | 336 crore (I-direct estimate: | 330 crore), Exim revenue (excluding SIES income) grew 2% YoY to | 1163 crore (I-direct estimate: | 1147 crore). Overall volume growth came in at 11% to 9.36 Lakh TEUs EBITDA margins fell 164 bps YoY to 21.4% (I-direct estimate: 21.3%), mainly due to higher employee and other expenses. Subsequently,...

Container Corporation has reported strong YoY increase in volume in Exim at 794,402 TEUs (+11.4% YoY) and similar growth in domestic at 142,559 TEUs (+9.7% YoY). But volumes failed to pick-up sequentially. Even realizations continue to remain under pressure. We believe the current market price...

EXIM volume improved while domestic saw slowdown Q1FY19 reported numbers in line with our estimates with increase in overall EXIM handling volumes for Q1FY18 at 794,405 TEUs, a growth of 11.4% YoY as there was pick in exports while domestic volume witnessed single digit growth (141,251 TEUs; +8.7% YoY). The management expects the domestic volumes to improve for the rest of FY19 with the increase in input...

ICICI Securities Ltd | Retail Equity Research The Container Corporation (Concor) stock has been sub-divided from one existing equity share of | 10 each face value fully paid-up into two equity shares of | 5 each face value. The record date for the same is June 27, 2018 while the ex-date for the same is today i.e. June 26, 2018. Consequently, Concor's share price has dropped to | 623/share from | 1242/share. Hence,...

Revenue rose by 0.06% to Rs. 1640.59 Cr in Q4FY18 when compared to the previous quarter. Container Corporation Of India Ltd Q4FY18 results Comment

Valuation view: We expect Concor to witness EBITDA CAGR of 25% over FY18-FY20 led by i) Volume CAGR of 12% due to healthy growth in container volumes ii) Margin improvement in EXIM led by benefits of double stacking and impact of tariff increase initiated by Concor due to improving competitive scenario in absence of any cost push in form of haulage price increase iii) Better and improved service levels driving profits in domestic segment. We believe Concor in the last 12 months has initiated multiple steps to sustainably increase its market share resulting in healthy volume...

Container Corporation released provisional volume/revenue estimates for FY18 (subject to audit and finalisation). It indicated total volume grew 13% YoY to 3.5mn TEUs while total revenue grew 9% to INR 64.4bn in FY18. We estimate a) volumes grew 15% YoY 4QFY18 (2% below JMFe), and b) continued recognition of SEIS income in 4QFY18 (as it recognised in 3QFY18 for 9MFY18). Given the lumpy nature of SEIS income recognition (4QFY17 for FY17; 3QFY18 for 9MFY18), we believe revenue/realisation figures may not be exactly comparable. Based on our analysis of port/rail volume, we believe the growth momentum for...

ICICI Securities Ltd | Retail Equity Research Revenues for Q3FY18 grew 10.6% YoY (up 2% QoQ) to | 1453.6 crore (I-direct estimate: | 1435 crore). Domestic revenues grew by 18% YoY (up 11% QoQ) to | 288.7 crore. Exim revenue (excluding SIES income) grew by 7% YoY (flat QoQ) to | 1133.23 crore. However, reported revenues were at | 1639.6 crore with Exim revenues at | 1319.2 crore Total volumes for the quarter showed robust growth of 12% YoY to 867408 TEUs. Throughput volumes for Exim and domestic grew 12%...