IRCTC Q3 profit rises 22% to ₹256 cr, declares dividend; stocks up 2%
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Shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose over 2% in intraday trade on Thursday after the ticketing and catering arm of the Indian Railways released its December quarter earnings and also declared an interim dividend for the financial year 2022-23. The PSU stock has been gaining for the last four sessions and climbed as much as 4.6% during the same period.
On Thursday, IRCTC shares opened marginally higher at ₹642.15 against the previous closing price of ₹641.05 on the BSE. During the session, the stock soared 2.4% to ₹656.60, with 1.17 lakh shares changing hands over the counter as compared to the two-week average volume of 1.44 lakh stocks. Finally, the stock settled at ₹651.25, up 1.6% on the BSE. In comparison, the BSE Sensex ended at 60,806, up 142 points, or 0.23%.
With a market capitalisation of ₹52,100 crore, IRCTC shares have given a negative return of 23% in the last one year, while it has dipped 3.5% in six month period. In the last one month, the largecap stock has gained 2%, while it climbed 3.6% in a week.
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As India’s growth story gains momentum and the number of billionaires rises, the country’s luxury market is seeing a boom like never before, with the taste for luxury moving beyond the metros. From high-end watches and jewellery to lavish residences and luxurious holidays, Indians are splurging like never before. Storied luxury brands are rushing in to satiate this demand, often roping in Indian celebs as ambassadors.
IRCTC on Thursday reported 22.4% growth in its consolidated net profit at ₹255.5 crore for the December quarter (Q3FY23) as compared to ₹208.8 crore in the last year period. On the quarter-on-quarter basis, the net profit after tax climbed 13% from ₹226 crore in the September quarter (Q2FY23).
The company’s revenue from operations surged 70% to ₹918 crore in Q3 FY23, from ₹540 crore in the corresponding quarter of last fiscal. On the sequential basis, the revenue grew 14% from ₹806 in the September quarter of FY23.
The total expenses of the company more than doubled during the quarter under the review, climbing 121% to ₹607 crore versus ₹274 crore in the year-ago period.
Segment wise, the revenue from the catering segment zoomed 275% year-on-year (YoY) to ₹394 crore, while the Rail Neer segment generated revenue of ₹79 crore, up 55% as compared to the last-year period. The tourism business registered a growth of 79% YoY at ₹122 crore versus ₹68 crore in a year ago period.
Meanwhile, the internet ticketing business posted a 4% fall in revenues to ₹301 crore compared with ₹313 crore during the October-December period of 2021.
The board of the company also declared an interim dividend of ₹3.50 per share, which is 175% of the paid-up share capital amounting to ₹160 crore. It has fixed February 22, 2023 as record date for the purpose of payment of the said dividend for financial year 2022-23.
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