IRCTC Q3 profit jumps to ₹256 cr, declares interim dividend
1 min read . Updated: 09 Feb 2023, 03:54 PM IST
Premium- The company has declared an interim dividend of ₹3.50 per share. Record date has been fixed on Wednesday, 22 February, 2023 for the purpose of payment of the said dividend for fiscal FY23
IRCTC, the tourism and ticketing arm of Indian Railways, on Thursday reported a consolidated net profit of ₹256 crore for the December quarter (Q3FY23), up 22.8% from ₹208 crore reported in the last year period.
On a sequential basis, net profit after tax rose 13% from ₹226 crore clocked in the September quarter (Q2FY23).
Revenue from operations has also soared 70% to ₹918 crore for the December quarter as against ₹540 crore in the corresponding quarter of last fiscal.
The company's total expenses more than doubled in quarter under review, rising 121% to ₹607 crore as compared to ₹274 crore in the year-ago period.
The company has also declared an interim dividend of ₹3.50 per share, which is 175% of the paid-up share capital amounting to ₹160 crore.
The company has fixed Wednesday, 22 February, 2023 as record date for the purpose of payment of the said dividend for financial year 2022-23.
IRCTC has clocked a strong revenue growth from all the segments, barring the internet ticketing business. Segment-wise, the revenue from catering segment surged 275% YoY to ₹394 crore as against ₹105 crore in the December quarter of last fiscal.
Revenues from the rail neer segment rose 55% to ₹79 crore in the reported quarter as compared to ₹51 crore in the same period a year ago.
Meanwhile, the internet ticketing business reported 4% drop in revenues to ₹301 crore during the December quarter as against ₹313 crore in the year-ago period.
The tourism business recorded a solid jump of 79% YoY in revenue at ₹122 crore as against ₹68 crore in the year-ago period.
Brokerage's first cut on IRCTC Q3
Jinesh Joshi, Research Analyst at Prabhudas Lilladher Pvt Ltd -- The stock currently trades at 47.5x of our FY24E EPS estimate of ₹13.5. We currently have a HOLD rating on the stock with a Target Price of ₹679.
On Tuesday, shares of IRCTC rose 0.72% to trade at ₹645.90 apiece on NSE.
