IRCTC Q1FY23 Results: Triple-digit rise in profit - key highlights; share price jumps 2%

IRCTC Q1 Result: State-owned Indian Railways Catering and Tourism Corporation (IRCTC) has reported strong earnings in the first quarter of the financial year 2022-23 (Q1FY23). The company’s both top and bottom lines reported around triple-digit year-on-year (YoY) growth during the quarter. 

IRCTC’s net profit grew by 185 per cent to Rs 248.5 crore in the April-June quarter of FY23 as against Rs 87.2 crore in the corresponding quarter of the previous fiscal. While the company’s revenue from operations surged over 250 per cent to Rs 852.6 crore in Q1FY23 from Rs 243.4 crore in Q1FY22. 

The company's total income increased to Rs 877 crore in the June-end quarter as compared to Rs 258 crore in the same quarter a year ago and total expenses for the year surged Rs 548 crore from Rs 147 crore YoY. 

Segment-wise, IRCTC's all five businesses recorded YoY growth. The revenue in the catering services business soared to Rs 352 crore from Rs 56.7 crore YoY. Internet ticketing business posted a revenue of Rs 301.6 crore, Rail Neer Rs 83.6 crore, tourism Rs 81.9 crore and State Teertha Rs 33.2 crore. 

"Catering contracts awarded before 22 March, 2020 have been treated as zero period due to pandemic and accordingly, no income as well as Railways share payable has accrued during the year 2020-21 and for the period 26.11.2021," the company said in a BSE filing. 

It added, “Catering services has been restarted with cooked food from 27.11.2021 in a phased manner and income and Railway share payable has been accrued accordingly." 

On Wednesday, the share price of IRCTC closed over 2 per cent higher to Rs 673.1 per share on the BSE and Rs 672.5 per share on the NSE as compared to 0.06 fall in the S&P BSE Sensex and 0.06 per cent rise in the Nifty50.