BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
While we increase Indian Railway Catering and Tourism Corporation Ltd.'s FY22/FY23 earnings per share estimates by 6%/4% respectively to account for improved ticketing delta arising from conversion of certain coaches into reserved category and better than expected Q1 performance we cut our rating given ~31% appreciation in stock price over the last 1.5 months.
Our EPS compound annual growth rate of 37% over FY22-FY24 factors in most positives viz;
rail neer expansion
catering price hike and
ticketing volume cushion from conversion factor leaving little room for earnings surprise.
Though IRCTC is a good play on the ongoing unlock theme valuations at 43 times FY23 EPS and 40 times FY24 EPS price in the recovery opportunity and strong growth prospects.
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