Container Corp. Q4 Results Review - Volume Growth To Be Robust, Driven By Domestic Cargo: Motilal Oswal

Motilal Oswal Report

Container Corporation of India Ltd.’s revenue grew 7% YoY to Rs 23.2 billion in Q4 FY24 (inline). Total volumes increased 11% YoY to 1.24 m TEUs with EXIM/Domestic volumes at 0.93 m/0.31 m TEUs (+10%/+16% YoY; in line).

Blended realisation declined ~4% YoY to Rs 18,619/TEU. EXIM/Domestic realisation stood at Rs 15,436/Rs 28,184 per TEU (-1%/-10% YoY).

Ebitda margin improved 60 bp YoY to 21.1% (versus our estimate of 23.2%). Ebitda grew 10% YoY and was 8% below our estimate. Sequentially, Ebitda was hit by high other expenses.

Adjusted profit after increased 8% YoY to Rs 3 billion (12% below our estimate of Rs 3.4 billion); in line with operating performance.

In FY24, total volume rose 8% YoY to 4.71m TEUs with EXIM/Domestic volumes at 3.64 m/1.07 m TEUs (+7%/+12% YoY).

FY24 revenue stood at Rs 86.3 billion (+6.5% YoY), Ebitda came in at Rs 19.3 billion (+4.8% YoY), Ebitda margin was 22.4%, and adjusted profit after tax stood at Rs 12.4 billion (+5.8% YoY).

The land license fee for Q4 FY24 stood at Rs 830 million (Rs 3.7 billion in FY24). LLF for FY25 is expected to be Rs 4-4.2 billion.

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