IRCTC Q3 Review - Engine Is Back On Track: Prabhudas Lilladher 
Trains running on track (Photo : BloombergQuint)

IRCTC Q3 Review - Engine Is Back On Track: Prabhudas Lilladher 

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

Prabhudas Lilladher Report

We increase our FY21E adjusted earning per share of Indian Railway Catering and Tourism Corporation Ltd. by 1.8 times due to -

1. Substantial rise in e-booking penetration (reached approximately 91-92% post Covid-19; up from ~70-75% levels prevailing pre-Covid) and

2. Conversion of certain unreserved coaches to reserved category thereby expanding IRCTC’s ticket booking universe.

While we expected online migration to pick up immediately post-Covid due to social distancing norms, the quantum was surprising.

We expect the company’s premium valuations to sustain given optionality in earnings that can come from

  1. Railway privatization,

  2. Delta in non-convenience income, and

  3. Potential in e-catering business.

Click on the attachment to read the full report:

Prabhudas Lilladher IRCTC Q3FY21 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.