IRCTC Q4 Review - Result Miss; Reopening, June Bookings Suggest Fastened Recovery: Dolat Capital
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Dolat Capital Report
Indian Railway Catering and Tourism Corporation Ltd. reported 51.0% QoQ growth (our estimate: 60.9%) led by 48.2% QoQ growth in internet ticketing vertical (62.5% of revenue).
Operating profit margin declined by 60 basis points QoQ to 37.3% (our estimate: 51.0%) led by improvement in internet ticketing margin at 81.9% (up 566 basis points QoQ) which was negated by higher loss in tourism segment (down 133% margin).
Announced dividend per share of Rs 5.
Ticketing revenue are now just short by 7% of peak run rate despite just 45% of trains being operational in Q4 FY21 led by strong contribution of second seater category booking and increased penetration 80% from 73% in FY20.
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