IRCTC delivered a strong set of numbers despite challenges from the second wave impact during the quarter as catering segment revenues improved, rail-neer segment turned EBIT positive after 4 quarters and internet ticketing segment continues to deliver strong margins. Revenues were higher than estimate due to higher revenue from catering segment, but EBITDA and PAT were in-line. Margins declined sequentially due to lower volumes. The company reported an 85% YoY increase in revenues to Rs2,434mn, driven by a pick-up in revenues across all business segments, but largely driven by the internet ticketing segment (now 60%+ revenues). EBITDA increased to...