IRCTC shares trades over 1% higher ahead of the results

State-run Indian Railway Catering and Tourism Corp (IRCTC) shares traded over 1 per cent higher ahead of the company releasing its June quarter (Q1FY24) numbers. IRCTC is the only firm authorised by the Indian Railways to offer online railway ticket-booking services and provide food services onboard trains. The stock touched the day's high at Rs 652 apiece on BSE. 

At the time of filing this report, around 12:23 pm, the stock traded at Rs 651.75 apiece, up 1.32 per cent or Rs 8.5 on the bourse. The market capitalisation of the company stood at Rs51,140 crore. The stock closed at Rs 648.0 apiece, up 0.86 per cent on BSE. 

How did IRCTC perform in the March quarter?

IRCTC reported a consolidated profit of Rs 278.8 crore for the January–March period, marking a jump of 30.4 per cent compared with the corresponding period a year ago. Its revenue grew 39.7 per cent on a year-on-year basis to Rs 965 crore, according to a regulatory filing.

Its margin came in at 33.6 per cent for the March quarter—a decline of 671 basis points compared with the year-ago period, as against the analysts' estimate of 35.7 per cent. 

Also read: How is IRCTC expected to perform in June quarter 

Shares of IRCTC were listed on the exchanges in 2019 and had made a stellar start as it listed at Rs 644 on the BSE at a 101.25 per cent premium over its issue price of Rs 320 per share. But from the listing, to date, the scrip has only gained 0.1 per cent.

IRCTC share price: Historic performance

IRCTC stock has gained 0.33 per cent in 2023 so far, against Nifty's rise of over seven per cent.

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