IRCTC shares fall on 7% decline in Q1 net profit

Shares of India Railway Travel and Catering Ltd fell about 1% on the NSE on Aug. 10, a day after the transport company released Q1FY24 results.
The Indian Railways and Transport Corporation reported a 7% drop in annual profit to Rs 231 crore, hit by an exceptional loss and lower operating margin. However, the company’s operating revenue rose 17.5% to Rs 1,001.8 crore in the quarter ended June 2023.
The railway company reported a 35% year-on-year increase in revenue from the catering segment to Rs 471 billion and a 4% drop in revenue from its internet ticketing business to Rs 290. Revenue from tourism business increased 58% to Rs 130 billion. Earnings before interest, taxes, depreciation and amortization (EBIDTA) for the quarter also increased 6.9% to Rs 343 crore, while EBIDTA margin was 34.2%, compared with 37.6% for the same period. period of the previous year.
IRCTC will hold a results call later today. As of 9:40 a.m., the stock was trading at 637.85, down nearly 2% from yesterday’s closing price. The Indian Railways and Transport Corporation, also known as IRCTC, was established in 1999 with the aim of “upgrading, professionalizing and managing the catering and hotel services at railway stations and railway stations. and other locations, while promoting national and international tourism”.