IRCTC Analyst Meet Update - Conversion Delta In Ticketing At Play: Prabhudas Lilladher
File photograph of a train sits idle at a platform inside the empty Delhi Junction railway station during a lockdown. (Photographer: T. Narayan/Bloomberg)

IRCTC Analyst Meet Update - Conversion Delta In Ticketing At Play: Prabhudas Lilladher

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Prabhudas Lilladher Report

We increase our earnings per share estimates of Indian Railway Catering and Tourism Corporation Ltd. by 5.9%/5.7% for FY22E/FY23E respectively as conversion of certain unreserved coaches to reserved category can result in volume delta of ~35%.

Except for the first 10 days of January, non-suburban passenger reservation system traffic registered growth in every subsequent 10-day bucket period, indicating that conversion factor is driving traffic growth in Q4 FY21.

As a result, we have increased our e-ticketing volume estimates to 369.7 million/401.7 million for FY22E/FY23E respectively; a ~13% odd upgrade for both the years.

On catering front, management highlighted that cancelled contracts were already in abeyance with no change in catering policy so far.

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Prabhudas Lilladher IRCTC Company Update.pdf


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