IRCTC stock dips ~2% as net profit falls to Rs 232 crore in June quarter

10 Aug 2023 , 11:10 AM

IRCTC, Indian Railways’ tourist and catering subsidiary, declared a standalone net profit of Rs 232 crore for the quarter ended June 2023, down 5% y-o-y from Rs 245 crore in the previous corresponding period.

Revenue from operations increased 17% year-on-year to Rs 1,002 crore during the quarter. In the same quarter previous year, the revenue stood at Rs 853 crore.

Profit after tax declined 17% year-on-year in the first quarter, from Rs 279 crore in the previous March quarter.

Revenues increased 4% year-on-year from Rs 965 crore in the preceding quarter. Catering revenue increased 35% year-on-year to Rs 471 crore during the quarter under review compared to Rs 352 crore in the previous corresponding quarter.

The company’s EBITDA for the quarter increased by 7% y-o-y to Rs 343 crore, with margins of 34.2%.

Revenues from the internet ticketing sector fell by 4% to Rs 290 crore in April-June, compared to Rs 302 crore in the same quarter previous year.

The company’s board of directors has approved an investment of Rs 78 crore for the procurement of Hardware & Software with a 24×7 helpdesk for ICT infra renewal of the NGeT System with three years of warranty support.

At around 11.07 AM, IRCTC was trading 1.38% lower at Rs 639.70, against the previous close of Rs 648.65 on NSE. The counter fell as much as 2% in today’s trade at Rs 635.10.

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