IRCTC Q2 Review - Sharp Recovery In Travel Data Drives Performance; Positives Priced In: Dolat Capital
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Dolat Capital Report
Indian Railway Catering and Tourism Corporation Ltd. reported 66% QoQ growth (our estimate: 88% growth) in revenues as it benefitted significantly from resumption of passenger travel data.
The miss was on account of weaker than expected recovery in catering revenue and tourism revenue that continues to remain impacted due to ready-to-eat catering and persistent weakness in leisure travel respectively.
IRCTC's profitability improved sharply by 811 basis points to 49.3% as it maintained strong penetration of 80% in online ticketing driving up segment revenue by 77% and segment profitability at 83%.
Catering segment turned break-even during the quarter as expected.
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