IRCTC stock runs out of steam despite railway PSU reporting strong September quarter numbers
IRCTC reported a 30.4 per cent jump in its standalone net profit of Rs 294.7 crore year-on-year for the second quarter, beating Zee Business research estimates.
IRCTC Share Price: Despite IRTC reporting strong September-quarter numbers on Tuesday, its shares declined in the morning session on Wednesday (November 8, 2023). The stock was trading down 0.84 per cent, or Rs 5.75 per cent, at Rs 675.10, on BSE at 9:37 am on Wednesday.
IRCTC Q2 Results
The company reported a 30.4 per cent jump in its standalone net profit of Rs 294.7 crore year-on-year for the second quarter, beating Zee Business research estimates.
The railway PSU's revenue for the September quarter of the current financial year soared 23.5 per cent to Rs 995.3 crore.
As per Zee Business research, the company was estimated to report a PAT of Rs 281 crore and revenue of Rs 1,029 crore.
Its earnings before interest and taxes (EBIT) improved by more than one-fifth to Rs 366.5 crore on a yearly basis, compared analysts' expectations of Rs 357 crore.
IRCTC's margin, however, declined by 100 basis points (bps) YoY to 36.8 per cent against analysts' estimates of 34.7 per cent.
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