IRCTC rises after Q3 PAT jumps 22% YoY to Rs 255 cr

Indian Railway Catering and Tourism Corporation (IRCTC) gained 1.59% to Rs 651.25 after the company's net profit rose 22.37% to Rs 255.53 crore on 69.95% surge in revenue from operations to Rs 918.06 crore in Q3 FY23 over Q3 FY22.

During the quarter, the company's revenue from the Catering business was at Rs 394.15 crore (up 276.6% YoY), revenue from the Rail Neer business stood at Rs 78.99 crore (up 55.52% YoY), revenue from the Tourism business was at Rs 122.28 crore (up 79.16% YoY) and revenue from the State Teertha business was Rs 25.5 crore (up 466.67% YoY).

However, IRCTC's revenue from the Internet Ticketing business declined 3.79% YoY to Rs 301 crore in Q3 FY23.

Profit before exceptional items and tax stood at Rs 341.29 crore in the quarter ended 31 December 2022, up 21.22% from Rs 281.54 crore posted in Q3 FY22. The company reported exceptional items of Rs 1.35 crore in Q3 FY23. The company said that the exceptional items include excess provision written back for previous years relating to Tejas trains in line with the waiver allowed by the Railways on account of Custody and Fixed Haulage charges.

Total expenses soared 120.94% YoY to Rs 607.53 crore in Q3 FY23. Cost of materials consumed stood at Rs 19.21crore (up 52.22% YoY), expenses of catering services was at Rs 279.04 crore (up 423.53% YoY) and expenses of Tourism was at Rs 112.30 crore (up 86.05% YoY) in Q3 FY23.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. The Government of India held 67.4% stake in the company, as on 31 December 2022.

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