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IDBI Capital: Initiates Coverage On IRCTC With ‘Buy’ Rating

IDBI Capital: Initiates Coverage On IRCTC With ‘Buy’ Rating

A Jammu Mail express train sits at a platform inside the empty Delhi Junction railway station (Photographer T. Narayan/Bloomberg)
A Jammu Mail express train sits at a platform inside the empty Delhi Junction railway station (Photographer T. Narayan/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

IDBI Capital Report

We believe that Indian Railway Catering and Tourism Corporation Ltd. is a one-of-its-kind company.

In its top-two segments – internet ticketing and catering services (combined approximately 89% of FY20 Ebit) – it is the sole service provider.

Internet ticketing as digital platform business has seen 302 million bookings in FY20 with approximately 73% share in total railway ticket booked in India.

In its packaged drinking water business it’s pricing provides a competitive edge.

While Covid-19 pandemic will impact FY21 performance, we expect strong pick-up in FY22/23E.

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IDBI Capital IRCTC Initiating Coverage.pdf

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