Update On Container Corporation of India By Motilal Oswal
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Revenue in line; strong operating performance results in a 10% beat on PAT 2QFY22 earnings snapshot
* Topline grew by 21% YoY to ~INR18.2b in 2QFY22 and was 2% ahead of our estimate. Topline grew 1% on a QoQ basis.
* Total volumes rose 11% YoY to 980,757 TEUs v/s our estimate of 994,771TEUs, with EXIM/domestic volumes at 792,425/188,332TEUs (+6%/+34% YoY).
* Blended realization improved by 10% YoY to INR18,597/TEU (+3% v/s our estimate). EXIM/domestic realization stood at INR16,312/INR28,213 per TEU, up 8%/7% YoY and was nil/3% above our estimate.
* EBITDA/PAT grew 36%/41% YoY to INR4.3b/INR2.6b and was 6%/10% above our estimate on account of better realizations.
* EBITDA margin beat our estimate by 1.1pp and stood at 23% (+2.6pp YoY).
* Land licensing fee (LLF) provisioning stood at INR1.12b in 2Q (v/s INR1.14b in 1QFY22).
Other business highlights
* The board has declared an interim dividend of INR4/share.
* The board has approved a scheme of amalgamation of CONCOR Air, a wholly owned subsidiary into CONCOR, subject to necessary approvals. Amalgamation of two other subsidiaries – Punjab Logistics and Infrastructure (51% stake) and SIDCUL CONCOR Infrastructure (74% stake) – into CONCOR are also under consideration.
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