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Prabhudas Lilladher: IRCTC Q2 Review - Engine Expected To Be Back On Track Soon  

Prabhudas Lilladher: IRCTC - Engine Expected To Be Back On Track Soon

A Jammu Mail express train sits at a platform inside the empty Delhi Junction railway station (Photographer T. Narayan/Bloomberg)
A Jammu Mail express train sits at a platform inside the empty Delhi Junction railway station (Photographer T. Narayan/Bloomberg)

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Prabhudas Lilladher Report

We cut our FY21E earnings per share estimates of Indian Railway Catering and Tourism Corporation Ltd. by 50% given the uncertainty in timeline regarding complete resumption of rail services.

However, our FY22E/FY23E estimates are broadly intact as -

1. resumption of Tejas Express from October 17, 2020 and

2. increase in convenience revenue to approximately 25% of the pre-Covid-19 levels in Q2 FY21 signal that normalcy is expected to resume within next six-eight months.

Click on the attachment to read the full report:

Prabhudas IRCTC Q2FY21 Result Update.pdf

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