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IRCTC LTD Q4FY23 PAT up 30.4% at Rs279 crore on higher operating profits from catering and Rail Neer

May 30, 2023

By: BlinkX Research Team

IRCTC LTD reported 39.7% growth in net sales revenues for the March 2023 quarter on consolidated basis at Rs965 crore. Revenues were up 5.12% on sequential basis. For the quarter, the company reported 50% growth in the catering revenues and a 40% growth in Rail Neer business, even as revenues from the ticketing vertical remained almost stagnant. There was a big boost to the tourism segment revenues in the quarter.

While the operating profits for the quarter were up 29.8% overall at Rs349 crore, the net profits grew 30.4% on yoy basis to Rs279 crore. The operating profits got a boost from sharply higher profits from catering, Rail Neer and Tourism, even as the operating profits from the ticketing business were marginally lower on a yoy basis. The company also booked exceptional gains in the quarter of Rs27 crore from writeback of earlier made provisions.

Financial highlights for Mar-23 compared yoy and sequentially

The operating margins tapered yoy from 38.86% to 36.12% due to a sharp growth in the top line revenues on a yoy basis and weak profit growth contribution from the core ticketing business. Net margins also tapered to 28.9% compared to 30.9% in year ago period. The board has declared a final dividend of Rs2 per share taking the total dividend payout to Rs5.50 per share for FY23.