IRCTC continued to show meaningful sequential improvement in revenue and profitability in Q4FY21, despite several segments being affected severely by the pandemic. The company reported a 51% QoQ increase in revenues to Rs3,388mn, driven by a pick-up in revenues across all business segments, but largely driven by the internet ticketing segment (now 60%+ revenues). EBITDA increased by 55% QoQ to Rs1,463mn in Q4FY21. Despite higher exceptional items, primarily due to one-off provisioning for previous years Performance Related Pay (PRP) and claims against railways, net Income increased 33% QoQ to Rs1,038m resulting in an EPS of Rs6.7. We...