IRCTC Q1 results: Net profit drops 5% to Rs 232 crore, misses Street estimates

State-run Indian Railway Catering and Tourism Corp (IRCTC) reported a 5.4 per cent year-on-year decline in net profit to Rs 232.2 crore for the quarter ended June 30, missing analysts' estimates.

IRCTC reported a set of quarterly numbers that fell short of analysts' estimates. | Image: Reuters

State-run Indian Railway Catering and Tourism Corp (IRCTC) on Wednesday reported a net profit of Rs 232.2 crore for the April-June period, marking a fall of 5.4 per cent compared with the corresponding period a year ago and missing analysts' estimates.

Its revenue grew to Rs 1,001.8 crore for the first quarter of the current financial year from Rs 852.6 crore a year ago, according to a regulatory filing.

According to Zee Business research, IRCTC was estimated to report a quarterly net profit of Rs 275.4 crore and revenue of Rs 1,025 crore for the quarter ended June 30.

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Revenue from the company's catering business increased 35.5 per cent on a year-on-year basis to Rs 477.1 crore, whereas revenue from internet ticketing declined 3.8 per cent to Rs 290.1 crore. While revenue from its Rail Neer packaged drinking water unit grew 10.2 per cent to Rs 95.9 crore, revenue from its tourism business jumped 59.4 per cent to Rs 130.6 crore and the revenue from its State Teertha pilgrimage trains business expanded 64 per cent to Rs 11.9 crore.

The company's overall expenses increased 23.5 per cent on a year-on-year basis to Rs 676.6 crore for the three-month period, including a 25 per cent surge in catering expenses to Rs 332.9 crore, according to the exchange filing.

IRCTC shares ended 0.9 per cent higher at Rs 648.8 apiece on BSE ahead of the earnings announcement.

The Indian Railway Catering and Tourism Corp stock finished the June quarter 10.9 per cent stronger, in line with a 10.5 per cent rise in the benchmark Nifty index.

IRCTC is the only firm authorised by the Indian Railways to offer online railway ticket-booking services and provide food services onboard trains.

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IRCTC Q1 results: Net profit drops 5% to Rs 232 crore, misses Street estimates

State-run Indian Railway Catering and Tourism Corp (IRCTC) reported a 5.4 per cent year-on-year decline in net profit to Rs 232.2 crore for the quarter ended June 30, missing analysts' estimates.

TRENDING NOW

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