ICICI Direct is bullish on Container Corporation of India recommended buy rating on the stock with a target price of Rs 520 in its research report dated June 27, 2020.
ICICI Direct's research report on Container Corporation of India
Concor reported strong numbers with reported revenues, PAT above I-direct estimates. The company did not record any exceptional income during the quarter vs. Rs 84 crore in Q4FY19. Operationally, Exim volumes de-grew 5% (realisation de-growth of 10% YoY) while domestic volumes grew ~2% (realisation remained flat). Exim revenues de-grew 14% to Rs 1131 crore while domestic revenues remained flat at Rs 438 crore. Standalone EBITDA margins grew 837 bps YoY to 30.2% while absolute EBITDA grew 24%. Due to the inclusion of SEIS income in the previous comparable quarter and an exceptional loss in the current quarter, reported PAT de-grew 16%.
The twin catalyst is expected to keep margins healthy in the medium to long term. We maintain BUY with a target price of Rs 520.
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