- 20 May 2022
- ICICIdirect Research
Concor posts lower margins due to marginally higher LLF charges
CONCOR - 965 Change: 2.10 (0.22 %)News: Concor's Q4FY22 revenues grew 5% YoY to Rs. 2043 crore, led by higher realisation growth (+4%) and flattish volumes (10.7 lakh TeUs). EBITDA margins expanded 1046 bps YoY to 20.2%, but however came below I-direct estimate of 22.7%. Subsequently, absolute EBITDA grew 2x to Rs. 413 crore and below I-direct estimate of Rs. 497 crore. PAT was at Rs. 260 crore vs Rs. 16 crore in Q4FY21 due to an exceptional expense of Rs.83 crore in the base quarter
Views: Concor's performance was largely below I-direct estimates on all fronts (higher deviation with respect to profitability, mainly due to higher LLF fees of Rs. 128 crore vs runrate of Rs. 110 crore). While the domestic revenues grew 23% YoY to Rs. 683 crore (volume growth of 18%), EXIM revenue remained flattish both on revenue and volume front (8.3 lakh TeUs)
Impact: Neutral