Key takeaways of the conference call

Container volume for Q3CY11 grew by 30% yoy (to 168983 TEUs) even while the market grew by just 9.28% yoy. On QoQ basis the growth for Q3CY11 was 26%.

Bulk volume for the Q3CY11 was down by 36%yoy even while the volume for 9mCY2011 was up 8%yoy. On QoQ basis the bulk volume was down by 42%.

In Q3CY2011 handled about 692 trains, the highest in a quarter.

Operational income for the quarter ended Sep 2011 was higher by 21% to Rs 97.9 crore and the EBITDA was higher by 29% to Rs 45.0 crore with EBITDA margin increase by 300 bps to 46%. At PAT level it was a profit of Rs 13.2 crore compared to a loss of Rs 9.8 crore in the corresponding previous period.

The opeational income for the nine month ended Sep 2011 was Rs 280.8 crore (up 43% yoy) compared to Rs 196.4 crore for the corresponding YTD as well as FY2011 revenue of Rs 283.9 crore. However at PAT level the profit stood at Rs 30.1 crore compared to a loss of Rs 65.9 crore in corresponding previous period as well as Rs 54.7 crore for the last year.

The bulk volume capacity as of now stands at 4-5 million and the capacity utilisation is at 80-85%.

Jetty Strengthening to be completed by Q4CY2011. The capacity of container yard 7 will be increased to 850000 (from current 720000 TEUs)by end of this quarter or beginning of next quarter.

The volume growth will be higher than that of the market growth

Normal capex will continue.

Liquid cargo handled during the quarter was 33000 metric tonnes vs Q3FY11 270000 metric tonnes. Liquid cargo it has signed agreement with 3 players who are in the progress of obtaining safety approvals. By 2012 end they will be ready.

Not seen any significant change in average realisation. There was subtle change in the mix leading to variation in TEU realisation i.e. TEUs, FEUs, empty etc.

If there was no drop in bulk volume the margin growth would have been much higher.

The debt of the company as end of Sep 2011 stood at Rs 675.9 crore compared to Rs 797.3 crore at the start of the year. The company has re-paid debt to the tune of Rs 89.5 crore. The company has prepaid loan to the tune of Rs 400 crore so far since the moratorium period expired.