Home Business IRCTC set to announce Q2FY24 results, dividend today; here’s what to expect

IRCTC set to announce Q2FY24 results, dividend today; here’s what to expect


Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) is set to announce its Q2 FY24 earnings and dividend today (November 07). The company is a “Mini Ratna (Category-I)” Central Public Sector Enterprise under the Ministry of Railways, Government of India.

Also Read: Diwali 2023: IRCTC announces 5 nights 6 days package to Andaman and Nicobar Islands. Check price, itinerary here

Saurabh Jain, Vice President – Research at SMC Global Securities, said, “IRCTC’s focus on other than online ticket booking business is expected to reflect in the balance sheet of the company in the upcoming Q2 results.”

“The market is expecting that IRCTC may report a rise in hospitality and catering revenue. The Indian Railways‘ PSU may also report a rise in business revenue from online railways and other transport ticket bookings. So, the market is expecting an improvement in the margins of the company and a rise in profit,” he added.

Also Read: Indian Railways set to launch Bharat Gaurav train for 15-day NE tour: Check route, package

In Q1 FY24, the company reported a 5.42% YoY drop in its consolidated net profit to 232 crore, while the revenue from operations came in at 1,002 crore, a 17.46% YoY increase compared to the revenue of 853 crore.

IRCTC is the only entity authorised by the Indian government to provide online railway tickets, catering services to railways, and packaged drinking water at railway stations and trains in India. The company has expanded its services over the years to include a wide range of tourism and hospitality offerings, such as luxury train tours, hotel bookings, and holiday packages.

The company’s shares over the last one-year period have generated a negative return of 10.29%. However, looking at the long-term performance, the stock delivered a return of 159% in the last three years, and it is up by 963% in the last five-year period.

Also Read: IRCTC share price: Why experts see big upside in short term — explained

For FY23, the company reported a record revenue of 3,540 crore, compared to 1,879 crore in FY22, an increase of 88%. The company reported a profit after tax of 1,006 crore, a surge of 51% over FY22’s PAT of 660 crore. The company’s ticket booking increased to 28,434 tickets per minute in FY23.

Also Read: IRFC Q2 Results: Net profit drops 9% to 1,549 crore, revenue up 16% YoY; dividend declared

The Indian government owns 62.4 percent of the shares in the company as of Q2FY24, while foreign portfolio investors and domestic institutional investors each own 7.1 percent and 10.5 percent, respectively. Regular shareholders own 20 percent, Trendlyne data showed.

Also Read: Top 5 Rail Stocks that Could be a Hot Investment

Ahead of its Q2FY24 results, IRCTC shares were trading with a gain of 1.19% at 679.50 as of 12:15 PM.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Updated: 07 Nov 2023, 12:44 PM IST

Source link

Previous article9-man Tottenham beaten by Chelsea and loses EPL’s last undefeated record
Next articleCourt restores Sri Lankan cricket board days after dismissal by sports minister


Please enter your comment!
Please enter your name here