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IRCTC Q3 Results 2022

09 February 2022
3 minutes

IRCTC posted its quarterly results for Q3 FY22 late on February 8, 2022. The Government company reported a 168% year on year (YoY) jump in its consolidated PAT which came in at Rs 208 crore for the quarter under review from Rs 78 crore in the year-ago period. On a sequential basis, the PAT jumped by 31% QoQ to Rs 158 crore in the previous quarter.

IRCTC’s revenue from operations clocked a 122% YoY increase at Rs 540 crore against Rs 225 crore in Q3 FY21. On a sequential basis, the revenue from operations was up 33% quarter on quarter (QoQ) from Rs 404 crore in Q2 FY22. The revenues from IRCTC’s entire spectrum of segments grew multi-fold and reported remarkable increases. The continuing stringent rules for flight travel seem to have given the railways an impetus in the quarter. 

However, the company’s total expenses saw a significant jump, particularly on the back of high catering and tourism services which make up the bulk of IRCTC’s business. The total expenses were up around 95% YoY to Rs 274 crore in the quarter under review from Rs 140 crore in the year ago period.

IRCTC also announced an interim dividend of Rs 2 per share that will be released to the shareholders on February 18, 2022.

Hits of IRCTC Q3 Results 2022

  • PAT up 168% YoY, 31% QoQ to Rs 208 crore in the quarter under review
  • Revenue from operations up 122% YoY, 33% QoQ to Rs 540 crore in the October-December 2021 quarter
  • Total income up 32% QoQ, 127% YoY to Rs 556 crore in Q3 FY22
  • Basic Earnings Per Share (EPS) up at Rs 2.61 from Rs 1.98 in the previous quarter and Rs 0.98 in the year ago period
  • IRCTC to pay an interim dividend of Rs 2 per share on February 18, 2022

Misses

  • Other income down by ~22% YoY to Rs 16 crore from Rs 20 crore in the corresponding quarter in the previous financial year
  • Total expenses up 95% YoY to Rs 274 crore in the year-ago period

Segment-wise revenue

  • Catering: Revenue up 113% YoY to Rs 104 crore from Rs 48 crore in Q3 FY21
  • Rail Neer: Revenue up 194% YoY to Rs 49 crore from Rs 16 crore in Q3 FY21
  • Internet Ticketing: Revenue up 108% YoY to Rs 312 crore from Rs 143 crore in Q3 FY21
  • Tourism: Revenue up 341% YoY to Rs 68 crore from Rs 15 crore in Q3 FY21

What the Management says

In a statement, the company said, “the outbreak of Covid-19 pandemic globally and in India is causing significant disturbance and slowdown of economic activity. However, the business activities of the company are going gradually on track in line with the lifting of restrictions as were imposed by the state and central governments.”

Other things to know about IRCTC

  • IRCTC is the second largest online services company in the country with a market capitalization of Rs 67,000 crore (after Zomato) (as of February 9, 2022).
  • The company has a P/E ratio of 353.05 against the industry average of -19.03 while its P/B ratio is at 45.70 against the industry average of 9.31 (as of February 9, 2022).
  • IRCTC’s dividend yield is at 0.12% against the industry average of 0.64% (as of February 9, 2022).

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Research Analyst: Bavadharini KS

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