Concor Q3 Results Review - Weakness In EXIM Volumes Hurts profitability: Motilal Oswal

"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.Container Corporation of India Ltd. reported weak operational performance with 5% volume growth in Q3 FY23. Revenue grew ~4% YoY (flat QoQ) to ~Rs 19.9 billion during the quarter, 10% below our estimate.  Concor’s Ebitda declined ~6% YoY and was 18% below our estimate. Profit after tax was flat YoY, 13% below our estimate. Ebitda margin was at 21.4% (down 230 bp YoY/ ~down 390 bp QoQ) in Q3 FY23. Total volumes rose ~5% YoY to 1.08 million twenty-foot equivalent units with Exim/domestic volumes at 0.83 million/0.25 million TEUs, respectively, (up 1%/up 24% YoY). Blended realization dropped ~2% YoY to Rs 18,324/ TEU. Exim/domestic realisations stood at Rs 15,228/Rs 28,593 per TEU, down 5%/2% YoY, respectively, in Q3 FY23. Land license fee for Q3 FY23 stood at Rs 0.97 billion. Concor expects to incur Rs 4.5 billion of LLF in FY23. Concor has been facing significant constraints in incurring capex for rolling stock, rakes and containers. Hence, out of the capex guidance of Rs 6 billion for FY23E, only Rs 2.2 billion has been spent in nine months-FY23..Click on the attachment to read the full report:.Container Corp Q3 Results: Profit Falls On Lower EXIM Sales.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Concor Q3 Results Review - Weakness In EXIM Volumes Hurts profitability: Motilal Oswal

Container Corporation of India reported weak operational performance with 5% volume growth in Q3 FY23.

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Concor Q3 Results Review - Weakness In EXIM Volumes Hurts profitability: Motilal Oswal

Container Corporation of India reported weak operational performance with 5% volume growth in Q3 FY23.

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