Axis Direct's research report on Navkar Corporation
Q3FY17 performance was in line, as Panvel volumes were flattish YoY / QoQ – this was largely led by 9% YoY rise in import volumes, while export volumes declined 11% YoY given delay in agri and related exports. However, Panvel’s adj.
Outlook
Empty volumes declined YoY/ QoQ to 5.3% of volumes (4,247teus) in Q3FY17 vs. 7.4% (6,000 teus) in Q3FY16 and 5.4% in Q2FY17 (4,400 teu). The company operated 165 rakes in Q3FY17 (195 rakes in Q2 and 165 rakes in Q1FY17), handling 18% of its aggregate volumes through train at Panvel.
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