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Revenue
₹1,118 Cr
verified against source
Revenue YoY
21.8%
reported change
EBITDA
₹394 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 its highest-ever quarterly revenue of INR 1,118 crore (+21.8% YoY) and net profit of INR 300 crore (+17.4% YoY), driven by strong catering (+29.1% YoY) and tourism (+32.3% YoY) segments. EBITDA margin contracted slightly to 35.23% due to mix shift toward lower-margin catering. Catering growth was fueled by Vande Bharat train additions, new long-term catering policy (5+2 year contracts), and expansion into non-railway catering via Zomato tie-ups. Tourism benefited from Bharat Gaurav trains and state MOUs. A one-time provision of INR 14.5 crore for Rail Neer profit sharing with Railways impacted other segment margins. Management expressed confidence in sustained growth from railway capacity expansion and new catering contracts. Risk: Regulatory uncertainty around revenue-sharing arrangements with Indian Railways could lead to further provisions.
Colored figures show movement against the previous available record.
Guidance to track
- IRCTC has floated tenders under a new catering policy offering 5+2 year contracts, replacing short-term six-month contracts, which will provide revenue stability.
- Current Rail Neer capacity is 16.96 lakh bottles/day; plans to increase to 18.4 lakh bottles/day by FY25 through new plants and capacity additions.
- IRCTC signed a two-year MOU with Uttarakhand government to promote tourism and is in talks with other states, expecting significant revenue from 10-12 such MOUs in three years.
Risks flagged
- A one-time provision of INR 14.5 crore for additional profit sharing on PPP Rail Neer plants highlights ambiguity in revenue-sharing norms, which could recur.
- Catering EBITDA margin declined sequentially from 17.21% to 15.44% due to higher low-margin prepaid train revenue, indicating potential margin volatility.
- Management did not provide a timeline for discontinuing UPI incentives, which could pressure internet ticketing margins if volumes shift to lower-fee UPI.
Key quotes
- The company achieved a remarkable milestone, with the operating revenue reaching to INR 1,118 crores, marking its highest ever quarterly revenue.
- The net profit also is the highest profit registered in the history of IRCTC.
- We should not restrict ourselves in such a conservative type of thinking.
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