While on YoY basis the impact of Covid-19 pandemic continued to weigh on IRCTC's business segments, it reported a meaningful QoQ improvement in revenue/profitability in Q3FY21. In Q3FY21, revenue grew by a strong 1.5x QoQ to Rs2,244 mn. EBITDA saw an even better improvement to Rs946 mn vs. a loss of Rs56 mn in Q2. Even EPS saw a strong growth to Rs4.9 vs. Rs0.3 QoQ. We factor delayed recovery mainly in catering and tourism segment and cut FY21/22 EPS by 33%/4.2%. However, we remain confident of FY22 EBITDA and EPS surpassing FY20 levels. Our FY23, EPS forecast remains unchanged. We maintain BUY with TP of...