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Motilal Oswal Report
Margins to remain stable
Container Corporation of India Ltd.'s reported volume growth of 6% YoY in Q3 FY24. Revenue grew 11% YoY to Rs 22 billion (7% below our estimate).
Total volumes increased 6% YoY to 1.15 million TEUs, with EXIM/Domestic volumes at 0.9 million/0.25 million TEUs (up 8%/down 1% YoY). Domestic volumes were 24% below our estimate, while EXIM volumes were ~3% below.
Blended realization improved ~5% YoY to Rs 19,161/TEU. EXIM/Domestic realization stood at Rs 15,915/Rs 30,966 per TEU (+5%/+8% YoY).
Ebitda margin came in at 23.2% (versus. our estimate of 23.3%). Margin was up 180 basis points YoY. Ebitda increased 20% YoY to Rs 5.1 billion (our estimate of Rs 5.5 billion).
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