Equity Analysis /
India

IN : Transport Infra - Overall - 4QFY21F results preview

    Rajarshi Maitra
    Rajarshi Maitra

    Analyst

    Dipen Vakil
    Dipen Vakil

    Analyst

    CGS-CIMB
    16 April 2021
    Published by

    Logistics and Ports: In 4QFY21, we expect 37% yoy EBITDA growth for Concor (our top pick) and 33% yoy EBITDA growth for Adani Ports (ADSEZ). Going forward, we expect the commissioning of the Dedicated Freight Corridor (DFC) to boost Concor’s volume and benefit Gujarat Pipavav (GPPV). We expect a weak financial performance from aviation companies (IndiGo and SpiceJet) due to a 45% yoy decline in Indian aviation traffic in Jan-Feb 2021.