IRCTC Q4 Review - Ticketing Volumes Key To Recovery: Prabhudas Lilladher
A train sits at a platform in Surat Railway Station at dusk in Surat, Gujarat, India. (Photographer: Karen Dias/Bloomberg)  

IRCTC Q4 Review - Ticketing Volumes Key To Recovery: Prabhudas Lilladher

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Prabhudas Lilladher Report

While our FY22E estimates have undergone a massive revision as travel is disrupted due to second wave, our FY23E estimates are broadly intact as we expect ticketing volumes to breach pre-Covid levels amid incremental delta coming in from conversion of certain unreserved coaches into the reserved category.

Additional volume lever is not ruled out from rise in e-booking penetration (reached ~90% plus amid Covid-19; up from ~70-75% levels prevailing pre-Covid-19) as it can be sticky in nature.

On the catering front, we believe even if complete migration happens towards ready-to-eat meals post Covid-19, there may not be substantial business loss as ready-to-eat menu has already been expanded.

Click on the attachment to read the full report:

Prabhudas Lilladher IRCTC Q4FY21 Result Update.pdf

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