Indian Railway Catering and Tourism Corporation Ltd. reported a net profit at Rs 294.67 crore for the September quarter of FY24 on November 7, registering a increase of 30.36 percent from Rs 226.03 crore in the same quarter of the previous financial year.
The Indian Railways Catering and Tourism Corp.'s second quarter profit rose due to higher ticketing and catering sales.
Total revenue of the company is Rs 995.31 crore, rising 23.51 percent from Rs 805.80 crore in the year-ago quarter, the company said in a regulatory filing.
Both the company's topline and bottomline surpassed analyst's expectation of Rs 950 crore and Rs 280 crore, respectively.
Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 366.5 crore growing by 20.2 percent. EBIDTA margin was at 36.8 percent as compared to 37.8 percent in the year ago period.
The decline in margin was due to higher contribution of other segments such as catering, state teertha and tourism, which are low-margin segments in comparison with internet ticketing.
The contribution of internet ticketing to overall revenue decreased to 32.8 percent from 37.1 percent last year.
The Board has declared an interim dividend of Rs 2.50 per equity share of face value of Rs 2 each for the financial year 2023-24. This is 125 percent of the paid-up share capital amounting to Rs 160 crore. The board fixed November 17, 2023 as the Record Date for the purpose of payment of Interim Dividend of the FY 2023-24.
IRCTC is the only entity authorised by the Indian government to provide online railway tickets, catering services to railways, and packaged drinking water at railway stations and trains in India. The company has expanded its services over the years to include a wide range of tourism and hospitality offerings, such as luxury train tours, hotel bookings, and holiday packages.
The Indian government owns 62.4 percent of the shares in the company as of Q2FY24, while foreign portfolio investors and domestic institutional investors each own 7.1 percent and 10.5 percent, respectively. Regular shareholders own 20 percent.
Shares of IRCTC closed 1.68 percent higher at Rs 682.75 on NSE.
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