Catering margin pressure from licensing model shift
Catering EBITDA margin declined to 12.19% from 15.44% YoY due to closure of base kitchens and transition to a licensing model, which may continue to pressure margins.
IRCTC / Q3-FY25 / risks
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Indian Railway Catering And Tourism Corporation · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Internet ticketing growth saturation
With 87% of tickets already booked online, incremental growth in market share is limited; future growth depends on overall railway volume expansion.
Regulatory change in advance booking window
Reduction of advance reservation period from 4 months to 2 months could impact convenience fee revenue from cancellations, though management downplays the effect.