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Dolat Capital Report
Container Corporation of India Ltd.'s Q2 was an in line quarter, buoyed by volume and realisation growth. LLF for the quarter was at Rs 1.12 billion taking the H1 FY2 provisions to Rs 2.25 billion-in line with the FY22 guided number of Rs 4.5 billion, though its internal calculations peg a lower LLF of Rs 3.8 billion.
For FY22, management has increased its guidance to a 15% topline growth (from 12% earlier) and >2x YoY jump in FY22 RPAT. It has already stated plans to enter into a 35-year land lease with Railways, a long term solution to the LLF issue which can pave way for divestment.
With DFC nearing completion, it remains the key long trigger for a modal shift towards rail thereby benefiting Concor.
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