IRCTC, the tourism and catering arm of Indian Railways, reported strong financial results for the quarter ending in September 2023.
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The company’s standalone net profit reached Rs 295 crore, marking a 30 per cent year-on-year (YoY) increase compared to the same period in the previous year when it stood at Rs 226 crore.
During this quarter, IRCTC’s revenue from operations demonstrated remarkable growth, surging by 23 per cent YoY to reach Rs 995 crore. In the corresponding quarter of the previous year, the figure was Rs 806 crore.
The Board of Directors have also declared an interim dividend of Rs 2.50 per share for the fiscal year 2024. The record date for determining eligible shareholders to receive the dividend has been set as November 17.
On a sequential basis, IRCTC’s profit after tax for the second quarter increased by 27 per cent compared to the preceding quarter, rising from Rs 232 crore to its current figure. However, the revenues remained stable when observed quarter-on-quarter (QoQ).
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Analysing the performance of different segments, the catering division experienced robust growth, with a 29 per cent YoY increase in revenue, reaching Rs 431 crore for the September quarter. In the same period the previous year, the segment generated Rs 334 crore in revenue.
The rail neer segment also demonstrated growth, with revenues climbing by 4 per cent to Rs 78 crore, compared to Rs 75 crore in the corresponding period last year.
In the internet ticketing business, IRCTC reported a 9 per cent increase in revenues for the July-September period, recording Rs 327 crore in comparison to the Rs 300 crore generated in the same quarter of the previous year.
The tourism business witnessed strong growth, with revenues surging by 39 per cent to reach Rs 96.5 crore in the September quarter. In the corresponding period of the previous year, the segment reported revenues of Rs 69.4 crore.
Revenues from the State Theertha segment more than doubled, reaching Rs 64.8 crore during the reporting period, compared to the Rs 29.6 crore recorded in the same period last year.
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IRCTC’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter marked a 20 per cent increase YoY, reaching Rs 366 crore, with margins at 36.8 per cent.
IRCTC shares closing 1.68 per cent higher at Rs 682.75 on the National Stock Exchange (NSE).
