IRCTC to provide QR code-based DMRC tickets on its platform; shares off day's low

Indian Railway Catering and Tourism Corporation (IRCTC) on Monday signed an agreement with Delhi Metro Rail Corp (DMRC), As part of the memorandum of understanding (MoU), IRCTC, through its platform, will provide QR code-based DMRC tickets. IRCTC shares recovered some of their intraday losses after the announcement. 

The IRCTC stock was last seen trading lower by Rs 13.1 — or two per cent — at Rs 649.6 apiece on BSE, having declined by as much as Rs 24 — or 3.6 per cent — to Rs 638.7 apiece earlier in the day. 

The initiative is set to benefit passengers of both IRCTC and DMRC by streamlining the travel experience and reducing the time spent in queues at stations, said IRCTC, the only firm authorised by the Indian Railways to offer online railway ticket-booking services and provide food services onboard trains.

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Last week, IRCTC reported a set of quarterly results that fell short of analysts' estimates. Indian Railway Catering and Tourism Corp's net profit declined 5.4 per cent on a year-on-year basis to Rs 232.2 crore for the quarter ended June 30. 

IRCTC's revenue grew 17.5 per cent to Rs 1,001.8 crore for the first quarter of the current financial year compared with the year-ago period, according to a regulatory filing. 

According to Zee Business research, IRCTC's quarterly net profit was estimated at Rs 275.4 crore and revenue at Rs 1,025 crore.