Indian Railway Catering and Tourism Corporation (IRCTC) reported a net profit of ₹294.67 crore for the second quarter of financial year 2023-24 (FY24), up 30.36% from ₹225.68 crore in the corresponding quarter a year ago. Revenue for the quarter grew 23.51% to ₹1,029.20 crore, from ₹823.46 crore in the previous year.
The company’s performance was driven by strong growth in both its ticketing and catering businesses. Ticketing revenue grew 27.7% to ₹781.69 crore, while catering revenue grew 20.2% to ₹247.51 crore.
IRCTC’s ticketing business benefited from the continued recovery in passenger traffic. The company sold 1.14 billion tickets in the quarter, up 20.2% from the previous year.
IRCTC’s catering business also performed well, with the company serving 100.2 million meals in the quarter, up 16.2% from the previous year.
IRCTC’s performance is in line with the overall growth in the Indian economy. The Indian economy grew 8.7% in the first quarter of FY24, and is expected to grow at a rate of 7.5% in the full year.
Here are some key highlights from IRCTC’s second quarter results:
- Net profit: ₹294.67 crore, up 30.36% from the previous year
- Revenue: ₹1,029.20 crore, up 23.51% from the previous year
- Ticketing revenue: ₹781.69 crore, up 27.7% from the previous year
- Catering revenue: ₹247.51 crore, up 20.2% from the previous year
- Passenger traffic: 1.14 billion, up 20.2% from the previous year
- Meals served: 100.2 million, up 16.2% from the previous year
Outlook
IRCTC expects to continue to grow in the coming quarters, driven by the continued recovery in the Indian economy and the growth of the Indian railway network. The company is also investing in new businesses, such as e-commerce and logistics, to diversify its revenue streams.
Analyst Comments
Analysts were positive on IRCTC’s second quarter results.
“IRCTC’s strong performance is a reflection of the continued recovery in the Indian economy,” said Rahul Jain, an analyst at ICICI Securities. “The company is well-positioned to continue to grow in the coming quarters.”
“IRCTC’s investment in new businesses is a positive sign,” said Manish Shah, an analyst at Edelweiss Securities. “The company is diversifying its revenue streams and is well-positioned to grow in the long term.“
Conclusion
IRCTC’s second quarter results were strong, reflecting the continued recovery in the Indian economy. The company is well-positioned to continue to grow in the coming quarters.