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ICICI Securities Report
Container Corporation of India Ltd. has reported better than expected Q1 FY23 Ebitda margin at 23.9% (Ebitda up 9% YoY and 14.4% QoQ).
Q1 is typically a provision-lite quarter for Concor. Q1 FY23 witnessed a lower incidence of land license fee at Rs 956 million (Rs 1138 million YoY) and normalised employee and other expenses.
Unlike competition, Concor is yet to witness any impact of increased rail haulage charges on margins. Domestic volumes continue to witness impressive growth along with margin expansion, thereby, supporting earnings.
Concor has also been able to run a Hapag Lloyd train containerising export shipment of TVS Motor Company Ltd. Given Q1 FY23 run-rate (down 3.7% YoY), EXIM volumes are set to miss management guidance for FY23.
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