IRCTC Q1 Results: Net Profit Up 32% YoY, Ticket Revenue Down Sequentially

Indian Railways Catering and Tourism Corporation (IRCTC) Ltd. posted its June quarter results on Tuesday, with shares rebounding from intraday lows.

Net profit for the quarter rose 32.5% to ₹307.7 crore from ₹232 crore in the previous year.

Revenue grew 11.8% year-on-year to ₹ 1,120.2 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 9.3% to ₹ 375 crore, but margins narrowed to 33.5% from 34.2% in the previous year.

IRCTC’s catering business, which is the largest among the state-run operator’s four businesses, grew to ₹558 crore from ₹477 crore last year. The figure was also higher than the ₹530 crore it posted in the March quarter.

Internet ticketing, the second-largest business, saw revenue rise to ₹329 crore from ₹290 crore last year. However, revenue fell slightly from ₹342 crore the company reported in the March quarter.

While catering accounted for almost half of IRCTC’s quarterly revenue, ticket sales accounted for almost 30% of revenue.

Rail Neer’s revenue grew both year-on-year and sequentially, while revenue from the travel business declined year-on-year and almost halved compared to the March quarter, falling to ₹124 crore from ₹201 crore in the March quarter and ₹142 crore in the year-ago quarter.

IRCTC shares ended Tuesday down 0.69% at ₹918. The stock has underperformed its peers this year, rising just 2% so far.