IRCTC Q1 Results: Net profit falls 5.42% to Rs 232.21crore, revenue rises 17.4%

IRCTC Q1FY24 results.

Indian Railway Catering and Tourism Corporation Ltd. reported a net profit at Rs 232.21 crore for the April-June quarter of FY24 on August 9, registering a decline of 5.42 percent from Rs 245.52 crore in the same quarter of the previous financial year.

Total revenue of the company is Rs 1001.78 crore, rising 17.4 percent from Rs 852.59 crore in the year-ago quarter, the company said in a regulatory filing.

Sequentially, post-tax profit dropped 17 percent from Rs 279 crore in the March quarter.

Revenues increased 4 percent quarter-on-quarter (QoQ) from Rs 965 crore last quarter. The catering segment's revenue surged 35 percent YoY to Rs 471 crore in the reported first quarter.

Revenue from the internet ticketing business decreased slightly by 4 percent to Rs 290 crore in the April-June quarter, down from Rs 302 crore during the same period the previous year. Revenue from the tourism business rose 58 percent to Rs 130 crore in the June quarter, up from Rs 82 crore in the corresponding period last year.

Earnings before interest, tax, depreciation and amortization (EBIDTA) were at Rs 343 crore, growing by 6.9 percent. The EBIDTA margin was at 34.2 percent, down by 340 basis point from the year-ago quarter. One basis point is one-hundredth of a percentage point.

The company has approved investment for the procurement of Hardware and Software with 24x7 helpdesk for ICT Infra refresh of NGeT System, with three years warranty support for Rs 78 crore.

The company appointed M/s N K Bhargava & Co., chartered accountants as internal auditor of the company for the fiscal year 2023-24 and 2024-25.

On August 9, IRCTC closed 0.89 percent higher at Rs 648. 30 on NSE.