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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹995.6 Cr
verified against source
Revenue YoY
23.5%
reported change
EBITDA
₹366.6 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRCTC reported a strong Q2 FY24 with revenue of INR 995.6 crore (+23.5% YoY) and PAT of INR 294.7 crore (+30.4% YoY), the highest ever. Growth was driven by catering (+29% YoY) and tourism (+63% YoY), while internet ticketing grew 9% YoY. EBITDA margin contracted 100bps YoY to 36.8% due to revenue mix shift. Management highlighted robust demand, addition of 11 Vande Bharat pairs, and expansion in static catering. Guidance remains qualitative, with expectations of continued growth from festive season and new train additions. Key risk: revenue concentration on Indian Railways' capex and policy decisions.
Colored figures show movement against the previous available record.
Guidance to track
- IRCTC has tied up with Zomato for food delivery at 5 stations, charging INR 40 per order. Pilot period is 6 months; pan-India expansion if successful.
- New plants at Bhubaneswar and NTPC Simhadri (72,000 liters each) expected to commission in Q3 FY24, increasing total capacity from 1.624 lakh to 1.768 lakh liters per day.
- Management is realigning operating expenditure contracts for Tejas trains after withdrawal of concessions, aiming to make the segment profitable.
Risks flagged
- Growth in catering and ticketing is tied to Indian Railways' introduction of new trains (e.g., Vande Bharat). Management has no control over the pace of additions.
- Tejas segment remains unprofitable; management is pursuing a relook at outage charges with the Ministry, but outcome is uncertain.
- Analyst flagged that platforms like MakeMyTrip offer free cancellation and trip guarantees. IRCTC has no such product planned, potentially losing customers.
- Catering revenue declined QoQ due to seasonality and increased train cancellations from railway infrastructure work, which could recur.
Key quotes
- Net profit is the highest ever profit registered by the company in the history of IRCTC in this quarter.
- We are looking forward to do much, much better because of coming festive season and also tremendous efforts we are making in all the segments.
- We are right now in the process of realigning our operating expenditure contracts.
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