IRCTC LTD Q4FY23 PAT up 30.4% at Rs279 crore on higher operating profits from catering and Rail Neer
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
| IRCTC Ltd | |||||
Rs in Crore | Mar-23 | Mar-22 | YOY | Dec-22 | QOQ |
| Total Income (Rs cr) | ₹ 965 | ₹ 691 | 39.66% | ₹ 918 | 5.12% |
| Operating Profit (Rs cr) | ₹ 349 | ₹ 269 | 29.78% | ₹ 320 | 8.78% |
| Net Profit (Rs cr) | ₹ 279 | ₹ 214 | 30.41% | ₹ 256 | 9.11% |
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| Diluted EPS (Rs) | ₹ 3.48 | ₹ 2.67 |
| ₹ 3.19 |
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| OPM | 36.12% | 38.86% |
| 34.90% |
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| Net Margins | 28.89% | 30.94% |
| 27.83% |
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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.