Shares of IRCTC are down as much as 48% from their 52-week highs seen on NSE, but valuations still remain pricey
State-owned Indian Railway Catering and Tourism Corp. Ltd’s (IRCTC) earnings for the June quarter (Q1FY23) were a mixed bag. In Q1FY23, revenue at almost ₹853 crore surpassed analysts’ estimates, aided by the solid performance of its catering business. Even so, the catering segment has a relatively lower margin profile and that weighed on Ebitda (earnings before interest, tax, depreciation and amortization) margin performance, which was down by 820 basis points (bps) year-on-year to 37.6%.
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