Indian Railway Catering & Tourism Corporation Ltd. share price target

~3,000 trains were operating in the month of October. high operating leverage of ticketing division amid shift in volumes to 2S FY23/FY24 respectively to account for higher than anticipated conversion delta of ~30-35%, sustenance is under cloud as some roll-back is likely...

Indian Railway Catering and Tourism Corporation (IRCTC) continued to show meaningful sequential improvement in revenue and profitability in Q2FY22, despite several segments being affected by the pandemic. The company reported 66% QoQ growth in revenues mainly led by pick-up in revenues across all business segments. Apart from improving revenues the company reported higher than estimated profitability. The company's internet ticketing revenues grew 77% QoQ in the quarter which drove the profitability of the company. EBITDA increased by 90% QoQ to Rs2,115 mn in Q1FY22. Going forward, with easing of covid restriction, improving vaccination...

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...

Currently ~1,500 trains and ~250 pantry cars (out of 417) are operational. disrupted due to 2nd wave our FY23E estimates are broadly intact as we coming in from conversion of certain unreserved coaches into the reserved category. Additional volume lever is not ruled out from rise in e-booking penetration (reached ~90%+ amid COVID; up from ~70-75% levels prevailing...

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...

The mobile catering contracts that were in abeyance got terminated due to change in scope of work (shift from cooked to ready to eat meals) and there has been no change in catering policy so far. License fee refund has already been provided. There is no change in the catering...