IRCTC shares fall on 7% decline in Q1 net profit

The state-owned, Indian Rail and Transport Corporation reported a 7% YoY decline in profits to Rs 231 crore.

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Shares of the Indian Railway Catering and Tourism Corporation Limited declined around 1 percent on the NSE on August 10, a day after the transport corporation announced its Q1FY24 results.

The Indian Rail and Transport Corporation reported a 7 percent on-year decline in profits to Rs 231 crore, impacted by exceptional loss and lower operating margin. The company’s revenue from operations, however, jumped 17.5 percent to Rs 1,001.8 crore for the quarter ended June 2023.

The railway corporation reported an increase in the catering segment’s revenue by 35 percent YoY to Rs 471 crore and a 4 percent decline in revenue from the internet ticketing business to Rs 290 crore. Revenue from the tourism business rose spiked 58 percent to Rs 130 crore. Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter also grew by 6.9 percent to Rs 343 crore, while the EBIDTA margin was at 34.2 percent, down from 37.6 percent for the same quarter last fiscal.

IRCTC will be hosting an earnings call later today. As of 9:40am, the stocks were trading lower at 637.85 down by nearly 2 percent from yesterday’s close.

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The Indian Rail and Transport Corporation, also known as IRCTC, was set up 1999 with the aim to “upgrade, professionalize and manage the catering and hospitality services at stations, on trains, and other locations and to promote domestic and international tourism”.

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