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ICICI Securities Report
Container Corporation of India Ltd. reported lower than expected Q4 FY22 Ebitda (down 9% QoQ) with
higher incidence of (Rs 150 million) land license fee and
higher incidence of employee costs.
LLF came at Rs 4.65 billion versus Rs 4.5 billion expected, mainly on account of Rs 150 million of past dues (to Indian Railways) on Okhla domestic container terminal.
Also, employee costs have provisions for-
1% of profit after tax toward medical provisions for employees,
provisions for leave encashment and cash settlement in view of higher attrition and
higher bonus provisions for FY22 in the light of improved operating performance.
The provisions will help moderate Concor's future employee costs, in our view. Adjusted for one-off expenses and higher provisions, Ebitda was in-line.
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