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.
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