IRCTC Q1 Results: Profit triples to Rs 246 crore; revenue up 250% YoY

NEW DELHI: IRCTC on Wednesday reported that its June quarter profit after tax nearly tripled to Rs 245.52 crore as against Rs 82.5 crore in the year-ago period.

Its revenue zoomed 251 per cent year-on-year (YoY) to Rs 852 crore during the said quarter. It stood at Rs 243 crore in the same period last year.

As a result, the earnings per share (EPS) also shot up three times to Rs 3.07 as against Rs 1.03 in the Covid-affected Q1 of FY22.



Segment-wise, all its five businesses recorded growth. Revenue in the catering services business grew to Rs 352 crore from Rs 56.7 crore YoY. Internet ticketing business reported a revenue of Rs 301.6 crore, Rail Neer Rs 83.6 crore, tourism Rs 81.9 crore and State Teertha Rs 33.2 crore.

Most of the profit before tax, interest and investment income came from the internet ticketing business - Rs 254.94 crore - in which IRCTC has a monopoly.

Commenting on the results, Jinesh Joshi of Prabhudas Lilladher said all the segments were EBIT positive and tourism achieved EBIT breakeven for the first time since pandemic at 1.1% margin.

"The stock currently trades at 54x our FY24E EPS estimate of Rs 12.5. We currently have a HOLD rating on the stock with a target price of Rs 649," he added.

Ahead of the announcement of the result, IRCTC shares closed 2.4 per cent higher at Rs 673.10.