IRCTC - A Moat Of ‘Exclusivity’: Dolat Capital Initiates Coverage
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Dolat Capital Report
Indian Railway Catering and Tourism Corporation Ltd. offers highly scalable and unmatched opportunity to exclusively participate in the growth story of Indian Railway traffic growth, train tourism and hospitality (catering+packaged drinking water, accomodation).
Robust adoption of online ticketing during pandemic, conversion of unreserved coaches into second seating category boosting TAM for ticketing, multi-fold scale-up in packaged drinking water capacity, entry into passenger rail operations (three trains, more to follow) and ~60% jump in catering pricing are likely to act as a ‘profit windfall’ in coming quarters and should boost the financial growth, return ratios, and operating metrics for IRCTC.
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