Concor reported revenues of Rs9.4 bn, down 1.6% yoy and 3.8% below estimate. Low rail freight expenses led the 130 bps yoy margin expansion;
in line with estimates. Exim segment led the revenue disappointment (5.7% below estimates) likely led by lower-than-expected volume growth and shorted lead distances. Domestic segment reported a revenue growth of 13% yoy while the exim segment led the margin expansion. PAT at Rs2.06 bn was marginally below estimates of Rs2.1 bn.
For the half year ending September 30, 2010, Concor reported flat revenues on a yoy basis of Rs18.6 bn. EBITDA margin expanded by about 50 bps yoy to 27.4% in 1HFY11 from 26.8% in 1HFY10, while net PAT remained relatively flat at Rs4 bn
Analysts Retain EPS estimates of Rs73.1 and Rs84.6 for FY2011E and FY2012E, respectively
