Container Corporation
Estimate change
TP change
Rating change
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
6 February 2021
3QFY21 Results Update | Sector: Logistics
CMP: INR467
TP: INR555 (+19%)
Buy
Realization boost drives earnings surprise
CCRI IN
609
284.4 / 4
602 / 263
8/-33/-45
985
DFC commissioning to drive sharp growth in earnings
Financial Snapshot (INR bn)
Y/E MARCH
Sales
EBITDA
Adj. PAT
EBITDA Margin (%)
Adj. EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
Ratios
Net D:E
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA(x)
Div. Yield (%)
FCF Yield (%)
2021E
63.5
13.4
8.1
21.2
13.4
(19.5)
171
(0.4)
8.0
8.2
55.0
34.9
2.7
18.3
1.57
1.47
2022E 2023E
75.6 92.2
15.7 19.1
9.7 12.0
20.8 20.8
15.9 19.7
19.0 24.0
178 185
(0.4)
9.1
9.3
60.0
29.3
2.6
15.3
2.04
2.81
(0.4)
10.9
11.1
60.0
23.7
2.5
12.3
2.54
3.56
CCRI’s 3QFY21 earnings surprised positively, with realization growing 7%
QoQ, driving a 17% beat on EBITDA. We expect volume growth to remain
strong in the near/longer term from a recovery in EXIM trade/Dedicated
Freight Corridor (DFC) project.
We have raised our FY21E/FY22E EBITDA by 19%/13% and TP by 22% to
INR555 per share on higher realization. Maintain
Buy
on expected volume
and margin benefits from DFC. Clarity on land licensing fee (LLF) would aid
re-rating of the stock.
Revenue/EBITDA/PAT grew 15%/nil/9% YoY to INR17.5b/INR3.7b/INR2.4b
and was 11%/17%/32% above our estimate on higher realization (+8% YoY)
at INR18,155/TEU. EXIM/domestic realization stood at
INR16,140/INR28,197 per TEU, up 6%/14% YoY.
Total volumes rose 6% YoY to 966,015 TEUs (in line), with EXIM/domestic
volumes at 804,557/161,458 per TEUs (+5%/+12% YoY).
EBITDA margin was lower at 21.2% v/s 24.3% in 3QFY20 due to higher LLF
at INR1.2b and a one-time provision of INR0.5b towards post-retirement
medical expenses of retired employees. Adjusted for that, EBITDA stood at
INR4.21b (+13% YoY) and EBITDA margin at 24%.
9MFY21 revenue/EBITDA/PAT stood at INR44.5b/INR8.4b/INR4.9b and was
down 9%/30%/31% YoY due to ~8% decline in volumes and increase in land
licensing fees (INR3.5b in 9MFY21 v/s ~INR1.4b in FY20).
Realization improved on account of higher loads, increase in lead distance,
and free empty container movement allowed by railways during the 15-day
window in 3QFY21.
The management has provided ~INR 4.5b in FY21 for LLF, based on 6% of
land value. The Ministry of Railways has, however, demanded a higher
amount (INR13.4b, including GST) and clarity is expected by FY21-end.
The management has guided for a 5% YoY drop in total volumes (in FY21)
as against its previous guidance of an 8% decline.
The benefit of DFC should be realized in FY22 as the route is undergoing
trial runs. It will enhance the pricing power of the company, led by a faster
turnaround time, more double stacking, and timetabled trains on the route.
CCRI is a direct play on the upcoming large rail freight infrastructure (DFC).
We expect a 19% EBITDA CAGR over FY21-23E, led by healthy volume
growth from DFC and margin improvement on operating leverage benefits.
Clarity on the final land license fee (LLF) to be charged by the railways
remains key for the near-term stock performance.
The stock trades at 15.3x FY22E EV/EBITDA. We derive a DCF-based target
price of INR555/share based on a WACC of 12%.
Higher realizations drives EBITDA beat
Highlights from the management commentary
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Dec-20
54.8
16.7
23.3
5.3
Sep-20
54.8
15.8
24.5
4.9
Dec-19
54.8
13.5
27.2
4.5
FII Includes depository receipts
Valuation and view
Amit Murarka - Research analyst
(Amit.Murarka@motilaloswal.com)
Basant Joshi - Research analyst
(Basant.Joshi@motilaloswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
3 September 2019
1
 Motilal Oswal Financial Services
Container Corporation
Quarterly earnings model
Y/E March
Net Sales
YoY Change (%)
EBITDA
Margin (%)
YoY Change (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord. expense
PBT
Tax
Rate (%)
Reported PAT
Adj. PAT
YoY Change (%)
Margin (%)
(INR m)
FY21E
Variance
3QFY21E v/s est.
63,516 15,795
11
-1.9
3.4
13,444
3,177
17
21.2
20.1
-19.7
-14.5
5,241
1,309
340
75
3,000
650
10,863
2,443
27
0
0
10,863
2,443
27
2,716
635
25.0
26.0
8,148
1,808
32
8,148
1,808
32
-19.5
-16.9
12.8
11.4
1Q
16,389
9.4
4,033
24.6
25.9
1,253
112
583
3,250
0
3,250
971
29.9
2,278
2,340
-7.3
14.3
FY20
2Q
3Q
17,387 15,276
1.0
-2.9
4,255 3,717
24.5
24.3
5.3
11.3
1,278 1,263
81
60
637
626
3,532 3,021
8,611
0
-5,079 3,021
-1,858 1,266
36.6
41.9
-3,220 1,755
2,543 2,175
-24.3 -20.8
14.6
14.2
4Q
15,686
-10.4
4,744
30.2
23.9
1,336
108
952
4,253
206
4,047
1,102
27.2
2,945
3,062
-13.1
19.5
1Q
11,891
-27.4
1,590
13.4
-60.6
1,260
85
588
833
0
833
217
26.0
616
616
-73.7
5.2
FY21
2Q
3Q
15,027
17,538
-13.6
14.8
3,129
3,719
20.8
21.2
-26.5
0.0
1,272
1,364
85
84
713
822
2,486
3,092
0
0
2,486
3,092
610
714
24.5
23.1
1,876
2,379
1,876
2,379
-26.2
9.4
12.5
13.6
4QE
19,059
21.5
5,006
26.3
5.5
1,345
86
877
4,451
0
4,451
1,175
26.4
3,276
3,276
7.0
17.2
FY20
64,738
-1.1
16,749
25.9
16.3
5,130
361
2,797
14,056
8,816
5,240
1,482
28.3
3,758
10,120
-16.7
15.6
Highlights from the management commentary
Operational highlights
The management has guided for a 5% YoY drop in total volumes (in FY21) as
against its previous guidance of an 8% decline.
Originating volume for EXIM/Domestic stood at 536,563TEUs/77,076TEUs.
Empty running charges for EXIM/Domestic stood at INR328m/INR342m v/s
INR227m/INR281m in 3QFY20.
EXIM/Domestic tonnage stood at 8.85mt/2.46mt. Aggregate tonnage for
9MFY21 stood at 29.64mt.
Lead distance stood at 790km. The same for EXIM/Domestic came in at
709km/1,401km.
Around 777 double stack trains were used during 3QFY21.
Realization insights
Realization was high on account of higher loads, increase in lead distance, and
free empty container movement allowed by railways during the 15-day window
in 3QFY21.
The company has not offered any discount on empty container movement for
EXIM in FY21. It has also started levying a land usage surcharge of INR5,000/TEU
and INR10,000/FEU at the Tughlakabad terminal. It has not offered any discount
on empty container movement for EXIM in FY21.
LLF
The management has guided for an LLF of INR4.5b in FY21 as against a demand
of INR13.4b by the Railways.
It has provided INR3.5b as LLF for 9MFY21.
Cost insights
Security arrangement has been rationalized for all depots and the management
has taken initiatives for fuel cost optimization.
8 November 2020
2
 Motilal Oswal Financial Services
Container Corporation
The surrendering of terminals led to savings in overhead expenses. However,
the management said it has no further plans of surrendering any other terminal.
DFC benefits
Transit time will improve from Rewari to Palanpur and rail cargo is expected to
eat into the market share of road transportation.
The company will increase the number of double stack trains and will add
timetabled trains on the route.
Full benefits will be realized in FY22 as the route is undergoing trial runs. It will
enhance the pricing power of the company, led by a faster turnaround time.
Market share
CCRI’s import market share has increased to 58%/63%/45% for
Pipavav/JNPT/Mundhra from 52%/62%/41% in 3QFY20.
Export market share grew to 50%/53%/47% for Pipavav/JNPT/Mundhra from
43%/52%/45% in 3QFY20.
Aggregate market share at major ports has risen to 11.11% from 10.77% YoY.
Port mix of Pipavav/JNPT/Mundhra has increased to 15%/35.9%/32.7% in
9MFY21 from 11%/32.6%/31.3% in 9MFY20.
Capex
FY21 guidance stands at INR5bn, while 9MFY21 capex stood at INR2bn.
The management guided for completion of 1-2 logistics park in FY22, while
others will be completed in FY23.
Other highlights
CCRI has provided INR692m (INR496m has been charged to P&L) for post-
retirement medical benefits for retired employees as per actuarial calculations
in 3QFY21. The management said it will provide for the same again in upcoming
quarters if needed, but it will be capped below 1% of PBT.
The management is reassessing its plans on coastal shipping, which remains
suspended since the onset of the COVID-19 pandemic.
It has ordered 60 racks of 25 tonne capacity, of which it has received four racks.
These are running at 22t capacity due to some technical issue. It expects to
receive four additional racks in 4QFY21 and has no plans to retire existing
loading stock.
Exploring bulk transportation opportunities
CCRI has begun trial runs for bulk transportation for Food Corporation of India,
which is currently undertaken in bags and involves bagging and de-bagging.
Bulk transportation doesn’t involve bagging and de-bagging and will result in
cost savings and lesser wastage.
The management has identified plenty of opportunities for transportation of
commodities like sugar, cement, salt, oil, etc. and is working on a plan.
At present, these commodities are transported in railway wagons. However,
given the shortage of wagons in the country, containers can offer a good
alternative and provide flexibility in terms of multi-modal transportation.
6 February 2021
3
 Motilal Oswal Financial Services
Container Corporation
Key exhibits
Exhibit 1: Financial summary (INR m)
Net Sales
Terminal and Service Charges
Employee Expenses
Other Expenses
EBITDA
EBITDA margin (%)
Depreciation
EBIT
Interest
Other Income
PBT
Total Tax
Tax rate (%)
PAT
EPS (INR)
4QFY19 1QFY20 2QFY20
17,499 16,389 17,387
9,640
8,953
9,397
1097
806
829
2,933
2,598
2,905
3,828
4,033
4,255
22%
25%
24%
1,117
1,253
1,278
2,711
2,779
2,977
7
112
81
2,132
583
637
4,836
3,250
3,532
1,313
971 -1858
27%
30%
-53%
3,523
2,340
2,543
5.8
3.8
4.2
3QFY20
15,276
8,514
898
2,147
3,717
24%
1,263
2,454
60
626
3,021
1,266
42%
2,175
3.6
4QFY20
15,686
8,120
602
2,220
4,744
30%
1,336
3,409
108
952
4,253
1,102
26%
3,062
5.0
1QFY21
11,891
6,523
796
2,983
1,590
13%
1,260
330
85
588
833
217
26%
616
1.0
2QFY21
15,027
8,205
842
2,851
3,129
21%
1,272
1,858
85
713
2,486
610
25%
1,876
3.1
3QFY21 YoY (%) QoQ (%)
17,538
15%
17%
9,323
10%
14%
1,327
48%
58%
3,169
48%
11%
3,719
0%
19%
21%
1,364
8%
7%
2,355
-4%
27%
84
40%
-1%
822
31%
15%
3,092
2%
24%
714
-44%
17%
23%
2,379
9%
27%
3.9
8%
27%
Exhibit 2: Segmental revenue and profitability
Revenue (INR m)
EXIM
Domestic
Total Segment Revenue
Segmental EBIT
EXIM
Domestic
Total
EBIT Margin (%)
EXIM
Domestic
Total
4QFY19
1QFY20
13,171
4,328
17,499
3,073
227
3,300
23.3%
5.2%
18.9%
12,704
3,685
16,389
2,926
189
3,114
23.0%
5.1%
19.0%
2QFY20
13,577
3,810
17,387
3,139
198
3,337
23.1%
5.2%
19.2%
3QFY20
11,713
3,562
15,276
2,805
25
2,830
23.9%
0.7%
18.5%
4QFY20
11,307
4,380
15,686
3,425
397
3,822
30.3%
9.1%
24.4%
1QFY21
9,007
2,885
11,891
770
147
917
8.6%
5.1%
7.7%
2QFY21
11,300
3,727
15,027
1,883
215
2,099
16.7%
5.8%
14.0%
3QFY21
12,986
4,553
17,538
2,261
305
2,566
17.4%
6.7%
14.6%
YoY (%)
11%
28%
15%
-19%
1120%
-9%
QoQ (%)
15%
22%
17%
20%
42%
22%
Exhibit 3: Realization snapshot
Volumes (TEU)
EXIM
Domestic
Total
Realization (INR/TEU)
EXIM
Domestic
Total
EBIT (INR/TEU)
EXIM
Domestic
Total
4QFY19
1QFY20
786,442
140,481
926,923
16,154
26,232
17,681
3,720
1,342
3,360
2QFY20
826,013
143,145
969,158
16,437
26,614
17,940
3,800
1,383
3,443
3QFY20
766,822
143,585
910,407
15,275
24,810
16,779
3,658
171
3,108
4QFY20
775,319
165,951
941,270
14,583
26,390
16,665
4,417
2,395
4,060
1QFY21
627,905
104,806
732,711
14,344
27,524
16,229
1,227
1,403
1,252
2QFY21
744,788
140,885
885,673
15,172
26,456
16,967
2,529
1,528
2,369
3QFY21
804,557
161,458
966,015
16,140
28,197
18,155
2,810
1,888
2,656
YoY (%)
5%
12%
6%
6%
14%
8%
-23%
1004%
-15%
QoQ (%)
8%
15%
9%
6%
7%
7%
11%
24%
12%
816,396
162,534
978,930
16,134
26,627
17,876
3,764
1,397
3,371
6 February 2021
4
 Motilal Oswal Financial Services
Container Corporation
Exhibit 4: Quarterly domestic and EXIM volume trend (‘000 TEU)
Volumes ('000 TEU)
EXIM Volumes ('000 TEU)
Domestic
Total
966
951 936 989 926 979 927 969 910 941
886
843 871 867
801
733
722 753 710 739 735 783 783
161
163
141 140
143 144 166
141
140
118 128 154
140
130
105 117 136
105
108 104 111 125 103
753 739 797 794 849 786 816 786 826 767 775 628 745 805
614 648 600 614 632 678 666 665 713
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
FY21
3Q
FY16
FY17
FY18
FY19
FY20
Exhibit 5: Quarterly domestic and EXIM volume YoY growth (‘000 TEU)
Volume growth (YoY %)
30
15
0
-15
-30
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
FY21
3Q
EXIM YoY% Change
Domestic
Total
FY16
FY17
FY18
FY19
FY20
Exhibit 6: Quarterly domestic and EXIM per TEU realization trend (INR/TEU)
Realization (INR/TEU)
30,000
26,000
22,000
18,000
14,000
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q 1Q
2Q
3Q
4Q 1Q
2Q
FY21
3Q
EXIM Realizations (INR / TEU)
Domestic
Total
FY16
FY17
FY18
FY19
FY20
Exhibit 7: Quarterly domestic and EXIM EBIT trend (INR m)
EBIT (INR)
EXIM EBIT (INR mn) (LHS)
4,800
3,600
2,400
1,200
0
Total (INR mn) (LHS)
Domestic (INR mn) (RHS)
600
450
300
150
0
-150
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY16
FY17
FY18
FY19
2Q 3Q 4Q 1Q
FY20
2Q 3Q
FY21
Source: MOFSL, Company
6 February 2021
5
 Motilal Oswal Financial Services
Container Corporation
Financials and valuations
Standalone Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT
Current Tax
Deferred Tax
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
Standalone Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Total Investments
Curr. Assets, Loans and Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability and Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOFSL estimates
FY16
59,217
-3.7
45,834
77.4
13,384
22.6
3,478
9,906
2
3,175
13,080
0
13,080
2,843
728
3,571
27.3
9,508
9,508
-9.8
16.1
FY16
1,950
81,507
83,457
3,546
0
87,002
31,473
3,474
28,000
5,133
13,576
47,591
180
493
7,999
38,921
7,579
1,868
5,202
510
40,012
87,002
FY17
53,946
-8.9
43,593
80.8
10,354
19.2
3,518
6,835
37
2,892
9,691
1,250
10,941
3,206
-845
2,361
21.6
8,580
7,331
-22.9
13.6
FY17
1,950
86,512
88,462
2,769
0
91,231
40,676
6,978
33,698
5,071
13,737
46,904
229
425
16,835
29,415
8,546
2,415
5,441
690
38,357
91,231
FY18
58,893
9.2
46,814
79.5
12,079
20.5
3,927
8,152
1
5,705
13,856
-129
13,727
3,862
-579
3,283
23.9
10,445
10,574
44.2
18.0
FY18
2,437
91,574
94,011
2,533
0
96,544
47,332
10,848
36,484
6,710
13,890
49,395
275
604
19,817
28,699
10,592
2,542
7,344
705
38,804
96,544
FY19
65,427
11.1
51,019
78.0
14,408
22.0
4,246
10,162
7
6,735
16,889
0
16,889
4,841
-107
4,735
28.0
12,154
12,154
14.9
18.6
FY19
3,047
100,632
103,679
1,616
7,007
112,301
57,038
15,091
41,947
6,247
14,029
63,845
233
884
1,704
61,025
13,767
3,504
9,544
719
50,078
112,301
FY20
64,738
-1.1
47,989
74.1
16,749
25.9
5,130
11,619
361
2,797
14,056
-8,816
5,240
3,208
-1,726
1,482
28.3
3,758
10,120
-16.7
15.6
FY20
3,047
97,601
100,647
0
0
100,647
70,379
20,686
49,694
9,375
14,441
42,013
261
1,591
21,686
18,475
15,020
1,553
12,776
692
26,992
100,647
FY21E
63,516
-1.9
50,072
78.8
13,444
21.2
5,241
8,203
340
3,000
10,863
0
10,863
2,716
0
2,716
25.0
8,148
8,148
-19.5
12.8
FY21E
3,047
101,267
104,314
0
0
104,314
77,254
25,927
51,328
7,000
14,441
43,676
272
870
24,059
18,475
12,277
2,058
9,527
692
31,399
104,314
FY22E
75,568
19.0
59,823
79.2
15,745
20.8
5,716
10,029
300
3,200
12,929
0
12,929
3,232
0
3,232
25.0
9,697
9,697
19.0
12.8
FY22E
3,047
105,146
108,193
0
0
108,193
83,754
31,642
52,112
7,000
14,441
48,980
325
1,035
29,144
18,475
14,486
2,458
11,335
692
34,494
108,193
(INR m)
FY23E
92,247
22.1
73,104
79.2
19,144
20.8
6,213
12,931
300
3,400
16,031
0
16,031
4,008
0
4,008
25.0
12,023
12,023
24.0
13.0
(INR m)
FY23E
3,047
109,955
113,002
0
1
113,003
91,254
37,855
53,399
7,000
14,441
55,550
397
1,516
35,162
18,475
17,533
3,004
13,837
692
38,017
113,003
6 February 2021
6
 Motilal Oswal Financial Services
Container Corporation
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
ROIC
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Cap. Turnover (Days)
Leverage Ratio (x)
Current Ratio
Net Debt/Equity
Standalone Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest and Finance Charges
Direct Taxes Paid
(Inc.)/Dec. in WC
CF from Operations
Others
CF from Operations incl. EO
(Inc.)/Dec. in FA
Free Cash Flow
(Pur.)/Sale of Investments
Others
CF from Investments
Issue of Shares
(Inc.)/Dec. in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc./Dec. in Cash
Opening Balance
Closing Balance
FY16
15.6
21.3
137.0
4.3
33.3
FY17
12.0
17.8
145.2
6.3
51.9
FY18
17.4
23.8
154.3
6.9
48.0
FY19
19.9
26.9
170.2
8.5
51.4
FY20
16.6
25.0
165.2
3.6
60.7
28.1
18.7
2.8
4.1
14.8
0.8
53.8
11.9
11.5
14.6
0.7
1
3
19
197
6.3
-0.1
FY16
13,080
3,627
-2,914
-3,192
-21,026
-10,426
-27
-10,453
-5,818
-16,271
0
1,537
-4,281
0
0
-2
-2,613
-532
-3,146
-17,881
25,879
7,999
8.5
8.6
9.3
0.6
2
3
26
146
5.5
-0.2
FY17
11,806
3,650
-2,514
-3,868
9,575
18,650
-69
18,581
-9,143
9,438
0
2,978
-6,165
0
0
-37
-2,944
-599
-3,580
8,836
7,999
16,835
11.6
11.2
11.1
0.6
2
4
26
118
4.7
-0.2
FY18
13,857
3,927
-2,332
-3,360
1,169
13,260
19
13,279
-8,595
4,684
-153
3,451
-5,297
0
0
-1
-4,168
-831
-4,999
2,983
16,835
19,817
12.3
11.6
10.0
0.6
1
5
34
270
4.6
0.1
FY19
16,889
4,246
-2,247
-5,404
-33,386
-19,902
15
-19,887
-7,040
-26,927
-139
21,639
14,461
0
7,007
-7
-1,828
-366
4,805
-621
19,817
19,196
9.9
9.7
11.5
0.6
1
9
16
30
2.8
-0.2
FY20
5,240
5,130
-2,039
-1,382
26,758
33,707
8,982
42,689
-9,888
32,801
-618
-15,227
-25,733
0
-7,007
-81
-5,666
-1,714
-14,467
2,489
19,196
21,685
FY21E
13.4
22.0
171.2
7.4
55.0
34.9
21.3
2.7
4.1
18.3
1.6
6.9
8.0
8.2
10.8
0.6
2
5
22
42
3.6
-0.2
FY21E
10,863
5,241
-2,660
-2,716
-2,033
8,695
0
8,695
-4,500
4,195
0
3,000
-1,500
0
0
-340
-4,481
0
-4,821
2,374
21,685
24,059
FY22E
15.9
25.3
177.6
9.5
60.0
29.3
18.5
2.6
3.4
15.3
2.0
13.1
9.1
9.3
12.9
0.7
2
5
22
26
3.4
-0.3
FY22E
12,929
5,716
-2,900
-3,232
1,990
14,503
0
14,503
-6,500
8,003
0
3,200
-3,300
0
0
-300
-5,818
0
-6,118
5,085
24,059
29,144
FY23E
19.7
29.9
185.5
11.8
60.0
23.7
15.6
2.5
2.7
12.3
2.5
16.6
10.9
11.1
17.0
0.8
2
6
23
11
3.2
-0.3
(INR m)
FY23E
16,031
6,213
-3,100
-4,008
2,494
17,630
0
17,630
-7,500
10,130
0
3,400
-4,100
0
1
-300
-7,214
0
-7,513
6,017
29,144
35,162
6 February 2021
7
 Motilal Oswal Financial Services
Container Corporation
NOTES
6 February 2021
8
 Motilal Oswal Financial Services
Container Corporation
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial products.
MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading
Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity
& Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository
Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory &
Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are available on the
website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
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any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should
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A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from
MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
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This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or
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located in Hong Kong & are not conducting Research Analysis in Hong Kong.
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Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
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to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
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For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
6 February 2021
9
 Motilal Oswal Financial Services
Container Corporation
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website
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Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
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* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
6 February 2021
10