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.

Click on the attachment to read the full report:

Prabhudas Lilladher IRCTC Company Update.pdf

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