Indian Railway Catering and Tourism Corporation (IRCTC) recorded a net profit of Rs 300 crore for the December quarter of FY24, marking a 17.4 percent growth from Rs 255.5 crore in the corresponding period last year.
The company disclosed in a regulatory filing on February 13 that revenue climbed by 21.8 percent year-on-year to Rs 1,118.3 crore.
IRCTC, the catering and ticketing arm of the Indian Railways, manages food services on trains and provides online ticket booking services.
Earnings before interest, tax, depreciation, and amortization (EBIDTA) for the quarter stood at Rs 394 crore, registering a growth of 20.9 percent. The EBIDTA margin was at 35.2 percent compared to 35.5 percent year-on-year.
On February 13, IRCTC shares closed 1.19 percent higher at Rs 910.80 on the BSE.
Highlights of IRCTC’s performance in the third quarter of fiscal year 2023-24 (Year-on-Year comparison) Top of Form
- Revenue increased by 21.81% to Rs 1,118.3 crore compared to Rs 918.06 crore.
- EBITDA saw growth of 20.92% to Rs 393.97 crore from Rs 325.8 crore.
- The EBITDA margin narrowed by 25 bps to 35.22% from 35.48%.
- Net profit rose by 17.40% to Rs 300 crore from Rs 255.52 crore.
The margin decrease resulted from increased contributions from other segments like catering, state teertha, and tourism, which are lower-margin compared to internet ticketing.
Internet ticketing’s contribution to total revenue dropped to 29.9% from 32.8% in the previous quarter. However, in terms of profitability, this segment still accounted for 73.8% of the company’s total profit during the quarter.
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