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* APSEZ has lowered volume guidance from 10-12% YoY to 8-10% YoY in FY20. Volume improvement in crude oil, containers, and coal will drive the growth. The company has also announced the acquisition of Snowman (entry in the cold chain segment) and Krishnapatnam Port (strengthening its position in the eastern region of India), inline with the company’s vision to be able to handle 400mt of cargo by FY25.
* In the quarter until date, rail container volume rose 7% QoQ. However, the lead distance is likely to decline by 5-10km, due to double-stacking. We expect Concor’s topline to increase 5.5% YoY, driven by a 5.5% volume growth; realization may remain flat sequentially. Concor has guided for flat volumes in FY20.
* In CFS companies, DPD has decreased volume. As DPD stabilizes, CFS volume is likely to improve in the coming quarters.
*In TCI and VRL, the revenue is likely to grow 8% YoY each.
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