IRCTC Q4 Results: Profit Beats Estimates Despite Flat Ticket Sales
IRCTC's Q4 net profit rose 30% to Rs 278.8 crore, while the revenue increased 40% to Rs 965 crore.
The Indian Railway Catering and Tourism Corp.'s fourth-quarter profit rose due to higher contribution from catering, tourism and packaged drinking water segments.
Net profit rose 30% to Rs 278.8 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 248-crore consensus estimate of analysts tracked by Bloomberg.
The company registered a one-time gain of nearly Rs 26 crore during the quarter.
IRCTC Q4 FY23 Highlights (YoY)
Revenue rose 40% to Rs 965 crore, as compared with an estimate of Rs 892 crore.
Ebitda grew 17% to Rs 324.6 crore as against a forecast of Rs 327 crore.
Ebitda margin stood at 33.6% versus 40.3% last year and an estimate of 36.6%.
The decline in margin continued in the quarter due to higher contribution of catering, which is a low margin segment in comparison with internet ticketing.
The cooked meal service, halted during the coronavirus pandemic, was resumed last year.
The catering segment's contribution to the top line increased to 41%, from 38.5% over the same period last year. Contribution of the packaged drinking water and tourism segments also rose in the overall sales.
Sales in the high margin internet ticketing segment remained flat, decreasing its contribution to revenue from operations.
Shares of the company ended 3.55% higher on Monday before the results were announced, as compared with a 0.54% rise in the benchmark NSE Nifty 50.