BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
In this report, we delve deep into Container Corporation of India Ltd.'s FY22 annual report and present the key takeaways below:
We expect volumes to pick up further with the phase-wise commissioning of dedicated freight corridors, thereby leading to 18% revenue compound annual growth rate during FY22-24E. The land license fee for FY23 is expected to be at Rs 3.7 billion, lower than the earlier guidance.
Backed by lower LLF and efficiency improvement from DFC commissioning, we expect Ebitda margin to improve to ~24% levels, resulting in 23% Ebitda CAGR over FY22-24E for the company.
We believe Concor would be one of the biggest beneficiaries of DFC commissioning. Besides, we have not incorporated the possible cost savings that could materialize from the new land leasing policy as the comprehensive policy document would be available 90 days post cabinet approval. Any benefits arising due to this policy would be incremental to the financial performance and target price.
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