IRCTC sees no red flag from Adani’s call to acquire Trainman

Around 14.5 lakh tickets are booked on the Indian Railways every day and, with 81 percent share of this, IRCTC sees no threat from any peer group

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Around 14.5 lakh tickets are booked on the Indian Railways every day and, with 81 percent share of this, IRCTC sees no threat from any peer group, the online ticket booking platform said in an exchange filing on Monday.

The company’s statement comes after Adani Digital Labs, a wholly owned subsidiary of Adani Enterprises, said on June 16 that it will acquire a 100 percent stake in Spark Enterprises, which owns the Trainman app that contributes 0.13 percent of the total reserved ticketing in the railways.

“Its (Trainman’s) acquisition by any other agency will not change the application of the extant B2C policy in anyway,” IRCTC said, allaying concerns that it will face any competition from Adani Digital Labs.

IRCTC has partnered with several agencies under the business-to-business, business-to-consumer and e-governance schemes to increase its reach and Trainman is one such agency.

Also read: Online travel booking space heating up – who feels the pinch?

The IRCTC stock was trading at Rs 665.15, up 0.10 percent, at 10.59am, on the National Stock Exchange (NSE).

IRCTC’s revenue spiked 87 percent to Rs 3,661 crore and the net profit surged 51 percent to Rs 1,005 crore in FY23.

The shares touched a 52-week high of Rs 774.90 and a 52-week low of Rs 557. Since the beginning of the year, the stock has gained 3.68 percent.

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