Its revenue from operations during the quarter jumped 17% year-on-year (YoY) to Rs 1,002 crore. The same stood at Rs 853 crore in the same quarter last year.
However, the firm, on Wednesday, reported a standalone net profit of Rs 232 crore for the quarter ended June 2023, down 5% from Rs 245 crore posted in the previous year period.
On a sequential basis, the profit after tax fell 17% in the first quarter from Rs 279 crore reported in the preceding March quarter.
Revenues rose 4% quarter-on-quarter (QoQ) from Rs 965 crore in the previous quarter. Segment-wise, the revenue from the catering segment rose 35% YoY to Rs 471 crore during the reporting first quarter.
The same was Rs 352 crore in the June quarter of last year. Meanwhile, revenue from the rail neer segment jumped 10% to Rs 96 crore in the quarter under review against Rs 87 crore in the last-year period.
The company’s EBITDA for the quarter rose 7% year-on-year (YoY) to Rs 343 crore, while margins came in at 34.2%.Here’s what analysts say about IRCTC:
Prabhudas Lilladher
Prabhudas Lilladher maintained its Hold rating on IRCTC with a target price of Rs 700.
We expect sales/PAT CAGR of 14%/13% over FY23-FY25E given traction in non-convenience revenue, rail neer expansion, and healthy growth in catering segment led by extension of services to more trains,” it said.
Gaurav Bissa, VP at InCred Equities
“IRCTC has been trading in the 610-650 range for the last few weeks. It failed to participate in the rally seen in the PSU space. However, the stock is now witnessing a bullish triangle breakout on the weekly charts which will be confirmed on a close above 670 levels. The volumes have been trading above 20WEMA since the last couple of weeks, which is a sign of strong accumulation,” Bissa said.
“The stock has witnessed strength on the back of breakout in RSI on the weekly charts which can give a fresh thrust to the stock price. Investors can buy the stock at current levels for an upside till 750 with stop-loss placed at 625 levels,” he added.
Aditya Gaggar, Director of Progressive Shares
“IRCTC has not only given a breakout from the Cup and Handle formation (daily chart) but also a Falling Wedge breakout was witnessed in the stock which was confirmed with a breakout in RSI and an uptick in the volume. As per the Cup and Handle formation, the short-term target comes at Rs 725 while the long-term target as per Falling Wedge arrives at Rs 1010,” Gaggar said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)