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Revenue
₹1,002 Cr
verified against source
Revenue YoY
17.5%
reported change
EBITDA
₹343 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRCTC delivered a landmark quarter with revenue crossing INR 1,000 crore for the first time, up 17.5% YoY to INR 1,002 crore. EBITDA hit a new high of INR 343 crore with margins at 34.2%, while PAT before exceptional items rose to INR 284 crore (vs INR 246 crore YoY). The catering segment was the star, with revenue surging 35.5% YoY to INR 477 crore and EBIT margins expanding to 14.6% from 12% YoY, driven by an increase in trains served to 1,209 (vs 891 pre-COVID). Internet ticketing remained resilient despite the reversal of tourist ticketing, with e-ticketing share rising to 80.86%. Tourism segment reported a loss due to a one-time INR 51.9 crore provision for revised haulage charges on Tejas trains, but excluding this, the segment was profitable. Management guided for continued catering growth via new train additions and reassessment of sales, while ticketing growth will come from higher e-ticketing penetration and Vande Bharat expansion. Key risk: any adverse regulatory changes or delay in tariff revisions could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to add ~200 more trains to catering services, targeting the total addressable market of ~1,500 train pairs with run time >8 hours.
- Ministry of Railways plans to add 475 Vande Bharat trains, which will boost IRCTC's ticketing, catering, and Rail Neer segments.
- Three plants (Bhubaneswar, Kota, NTPC Simhadri) expected by end of calendar year 2023, and Vijayawada plant in Q1 FY25, increasing total capacity to 18.4 lakh liters per day.
Risks flagged
- Ministry of Railways imposed revised haulage charges from Aug 2021 to Mar 2023, resulting in a one-time provision of INR 51.9 crore. Management is seeking reconsideration but outcome uncertain.
- Management stated that convenience fee revision is decided by Ministry of Railways and IRCTC is not currently considering any change, limiting pricing power in ticketing.
- Catering tariffs are fixed by Ministry of Railways at 2019 levels, and any input cost inflation is borne by licensees, but could impact contract renewals or service quality.
Key quotes
- Q1 FY 2024 has been a landmark year for the IRCTC, with the revenues crossing the INR 1,000 quarterly mark for the first time since the inception of this company.
- We are not seeking any waiver. We have requested ministry to reconsider so that these re-revised charges should be made applicable only from the future date, not from the retrospective effect.
- Currently, we are having a profit of around 80% profit in e-ticketing. There is no basis for increasing further this convenience fee and putting onto the Indian Railways passenger burden.
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